Skip to content

Minnesota Legislative Update

Minnesota Legislative Update

March 17, 2021

Senate Passes PPP Loan Forgiveness – SF 263

Minnesota Legislative Update

On a strong by bipartisan vote last week, the Minnesota Senate tried to build some momentum on this issue and pass the PPP loan forgiveness legislation. The legislation conforms with the federal law ensuring that the loans are not taxable in Minnesota and also that all deductions allowed under the federal law are allowed on the state. 

During the floor debate, several senators, including the author Senator Tom Bakk (Cook), urged house members to take action on this soon, especially since tax filing season is underway. Under the Minnesota constitution, tax bills need to originate in the House, giving them some additional leverage. There are still hopes that an agreement can be reached between the Senate and House leadership to possibly pass both PPP loan forgiveness and include no taxation of the federal CARES act unemployment insurance benefits. If no agreement is reached by the leadership, final passage on the critical PPP loan provision may not occur until May.

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

United States Capitol US Capitol Congress Washington DC
July 1, 2025
ICYMI: NFIB Georgia Director On Why Congress Needs to Make the…
Congress is voting on the legislation that includes the measure this week.
Read More
June 30, 2025
What Happened in Phoenix for Arizona Small Business Owners Duri…
A look at the small business victories achieved during the 2025 Arizona Leg…
Read More
June 27, 2025
2025 Minnesota Legislative Session Recap
Here’s what passed and what didn’t during the 2025 Minnesota Legislative…
Read More
June 25, 2025
RSVP: Let’s Discuss the Minnesota Legislative Session
Join us virtually on July 9th to discuss everything that happened during th…
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility