$73 Billion…So Far

In a recent Senate Finance committee, MMB officials rocked some lawmakers’ worlds with a summary tally of the federal COVID relief and recovery money which has been provided to Minnesota state and local governments, businesses, other organizations, and individuals. The total: $72.7 billion or about $12,800 for every man, woman, and child in the state.  This included:

  • $13.75 billion to residents through three rounds of stimulus checks
  • $9.8 billion in unemployment compensation over and above the state’s trust fund payouts
  • $16.6 billion in two rounds of Paycheck Protection Program funds

In addition, from the recently enacted Infrastructure Investment and Jobs Act, Minnesota is estimated to receive an additional $7.3 billion, 75% of which would go to transportation (and, we can’t help but note, “another” $103 million to broadband).   It's currently estimated that 84% of this spending would require a state match.

For the MMB slide deck, visit here  (Note – slide deck starts with a state debt presentation, also worth a look.)