Minnesota Finally Passes PPP Loan Forgiveness

Date: July 01, 2021

It took way too long, but on the last day before a state government shutdown, the House and the Senate finally acted on the important PPP loan conformity legislation. The bill now goes to Governor Walz, who is expected to sign it.

NFIB strongly supported this legislation and co-led the coalition that was successful in passing it.

The bill fully conforms to the federal law for PPP loan forgiveness and deductibility. It also included other forgiveness for EIDL loans and SBA grants. NFIB pushed hard for this throughout the session and it should have been enacted months ago. 

The bill also contains an important small business property tax cut that will be especially helpful for small businesses with lower taxable market values.

The legislation increases the exemption for the state general property tax from the first $100,000 in value to $150,000 and businesses with a market value of 150,000 or less will not pay the state general tax any longer. The state general tax accounts for 20% to 30% of your property taxes. 

Related Content: Small Business News | Minnesota

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