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
March 4, 2026
Small Businesses Commend Ohio Legislature for Passing Critical Tax Conformity Legislation
NFIB encourages Gov. DeWine to sign SB 9 into law quickly
Read More
March 3, 2026
Small Business Deduction Champion Award Presented to Sen. Roger “Doc” Marshall
NFIB presented the award to members of Congress who played a crucial role in making the 20% Small Business Deduction permanent
Read More
March 3, 2026
Poll: Hands Off Prop. 13; ADA Needs Reforming
Small business owners speak up on four questions asked by NFIB
Read More
March 2, 2026
TAKE ACTION: Urge Governor Lujan Grisham to Stop the Business Tax Hike
Take action today and tell the governor to line-item veto the tax increase in SB 151.
Read More