Topics:
February 17, 2021 Last Edit: June 5, 2025
TAKE THE SURVEY: How Much Would a Tax on PPP Loans Cost You?
There are rumbling that the Illinois legislature will try to balance the budget off the backs of small business owners. The latest proposal would be for the state to tax Paycheck Protection Program (PPP) loans.
The federal COVID-19 recovery act signed into law in December reversed an IRS ruling and clarified that PPP forgiven expenses are deductible at the federal level. This was the intent of the program when it was created by Congress.
NFIB in Illinois recently balloted this issue and found that 91.5% of members believe that the state should not tax forgiven PPP loans.
Click here to tell us what a tax on PPP loans would mean to you?
State:
Get to know NFIB
NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.
Related Articles
Related
May 26, 2026
New NFIB Op-Ed: Unleash Small Business Growth in Additional Reconciliation Bill
New package should bolster small business success with crucial tax, regulatory, and healthcare reforms
Read More
Related
May 22, 2026
Millionaire Tax, New Mandates Mark Another Tough Session for State’s Small Businesses
Despite setbacks, NFIB defeated 90% of bills most harmful to small businesses
Read More
Related
May 20, 2026
Post-Primary Comment on the Defeat of Measure 120
Voters send clear message: State government should live within its means
Read More
Related
May 20, 2026
NFIB on C-SPAN: How Small Businesses are Managing Economic Pressures
A discussion on C-SPAN featuring an NFIB expert covers the current state of the small business economy and the top issues that are impacting Main Street.
Read More