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
April 15, 2026
TAX DAY: New Report Details Benefits of 20% Small Business Tax Deduction Becoming Permanent in Michigan
The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new report outlining the economic…
Read More
April 15, 2026
TAX DAY: New Report Detailing Benefits of 20% Small Business Tax Deduction Becoming Permanent in Delaware
The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new report outlining the economic…
Read More
April 15, 2026
TAX DAY: New Report Highlights the Benefits of 20% Small Business Tax Deduction Becoming Permanent in West Virginia
Learn more about how WV benefits from the Small Business Deduction.
Read More
April 15, 2026
TAX DAY: New Report Highlights Benefits of 20% Small Business Tax Deduction Becoming Permanent in Pennsylvania
Learn more about how the Small Business Deduction benefits PA.
Read More