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There are several recognized strengths of Minnesota’s economy that should be relied upon to spur short- and long-term growth.
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Stabilize existing businesses through targeted relief. Targeted relief should include the following:
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COVID-19 is first and foremost a public health crisis. Protecting the lives of Minnesotans remains the paramount concern for all. Yet, failure to achieve a timely economic recovery will imperil the well-being of tens of thousands of Minnesotans as well. Public health and economic recovery must go hand in hand.
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Fortunately, the staggering job losses subsided in May of 2020, and Minnesota began its journey toward economic recovery, despite ongoing challenges.
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The 2020 recession caused by the COVID-19 pandemic rippled across the global economy with unprecedented speed and severity. Minnesota reported its first case of the novel coronavirus on March 6. Within weeks, the state experienced a statewide lockdown, and by the end of April – a mere seven weeks after the first reported case – Minnesota had lost over 13% of its total employment and nearly 614,000 Minnesotans filed claims for unemployment insurance, marking the steepest economic downturn in over 70 years.
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