MINNEAPOLIS (AP) -- Minnesota Senate Republicans have released a two-year budget proposal with no proposed tax increases to help balance the state's budget.

The move Tuesday came after Democratic Gov. Tim Walz announced a proposal in late January that includes tax hikes on the wealthiest Minnesotans and large companies.

The proposal features $591 million in tax relief on Paycheck Protection Program loans and tax elimination for unemployment benefits, in addition to no proposed tax increases.

Democratic House lawmakers said in a statement the Senate GOP proposal is inadequate as it benefits corporations and the wealthy over those struggling due to the pandemic.