It’s Official – No MN Tax on Forgiven PPP $$
As we reported back in May, Gov. Tim Walz and legislative leaders announced they had agreed on a state budget deal that would exempt all forgiven PPP loans, as well as $10,200 of unemployment benefits, from state incomes taxes. That deal was formalized in the state tax bill passed during the Special Legislative Session and signed by the Governor on July 1st.
The Minnesota Department of Revenue has issued a bulletin outlining what this means for Minnesota businesses. The Department advised businesses not to take any action at this time – including filing amended returns – until updated forms are available.
Additional updates and guidance will be provided through the MN Dept. of Revenue website and email subscription service.
In June, OSHA released additional guidance on mitigating and preventing the spread of COVID-19 in the workplace. Changes include:
Visit https://www.osha.gov/coronavirus/safework for more information.