Potential Budget Deal by Legislative Leaders Includes Full PPP Loan Conformity

Date: May 19, 2021

NFIB in Minnesota got some great news in the budget deal that was recently released; it includes full conformity on PPP loans including forgiveness and full deductibility. Pushing legislators to join the vast majority of states in helping out small business with this conformity measure was NFIB‘s top agenda item for the 2021 session. The House and governor finally agreed to full conformity. The Senate enthusiastically pushed the legislation and passed their bill way back on March 11th. Unfortunately, we will have to wait till June for final passage since the provision is included in the omnibus tax bill, which is still being negotiated.

There were other positive items in the $52 billion two-year budget deal including no tax increases. Governor Walz agreed to share responsibility with the legislature on how to spend the $2.5 billion in new federal relief the state just received. Legislative leaders plan to have all the negotiations on the various budget bills wrapped up by June 4th and the special session will likely be called on June 14th.

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