What's in the $2 trillion stimulus for Minnesota?

Byline: William Morris

Details are still emerging about a $2 trillion bill in Congress to keep the economy afloat through the COVID-19 pandemic, but Minnesota business leaders are hopeful it will avert the worst of a looming economic disaster.

White House and Senate leaders of both parties announced agreement early Wednesday on the unprecedented measure, which is intended as a weekslong or monthslong patch for an economy spiraling into recession or worse and a nation facing a potentially ghastly toll. Senate leaders initially hoped to approve the bill Wednesday to send to the House, although several senators voiced concerns later in the day that could delay passage.

Initially reports show the bill would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home. One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.

The pandemic, and resulting social distancing measures and government-ordered business closures, have already been very damaging to parts of the state's economy. Hospitality Minnesota, an umbrella organization representing the lodging, dining and resort industries, warned legislators last week that even before Gov. Tim Walz's order to close many businesses Monday, hospitality operators were projecting short-term revenue losses of between 30% and 75%, Hospitality Minnesota Government Relations Director Ben Wogsland said.

"Many hospitality businesses are on very thin margins," Wogsland said in an interview. "The biggest issue they're all facing right now, in addition to having to lay off workers temporarily, is cash flow. Anything the government can do, both at the state and federal level, to help with that, is really important. Help can't come fast enough."

Retailers, which also have been hit hard by the shutdowns, are looking for support to build on existing Small Business Administration and Minnesota Department of Employment and Economic Development loan programs, said Bruce Nustad, president of the Minnesota Retailers Association.

"We're hopeful there's some loan and grant opportunities in there for retailers of all sizes, but with a strong focus on those mid and small retailers that are struggling right now," Nustad said. "The other thing...