Waiting For Lawmakers to Exclude PPP loans from Taxes

Waiting For Lawmakers to Exclude PPP loans from Taxes

The bill would exempt personal paycheck protection loans from taxable income for Minnesota businesses

We continue our coverage of a bill that would exempt personal paycheck protection loans from taxable income for minnesota businesses.

Kimt news 3's annalise johnson is speaking to a local business who is waiting ?

"* hopeful ?

"* for t bill to pass.

Katie ?

"* the owners of the two potbelly sandwich shop locations ?

"* one here in downtown rochester and one on marketplace drive ?

"* are just one of the millions of businesses who have relied on ppp loans to make it through the pandemic.

Erin nystrom is one of the owners of the two sandwich shops.

She calls the ppp loans a lifeline.

The two loans petbelly received are not only allowing them to stay open ?

"* but to keep their 45 employees on staff.

The bill cleared the senate last thursday ?

"* but has not yet made it through the house.

As of yesterday ?

"* the house movd it to the taxes committee.

Nystrom is hopeful the burden will be taken off her and other business owners if minnesota legislators make the decision not to come into comformity with federal tax code around the cares act, around the ppp, it only adds insult to injury for our small businesses at this point in time the tax deadline for businesses was technically yesterday... but nystrom tells me it's in the hand of the businesses' accountant... but complying with federal tax code would make their job easier.

Live in rochester?

"* annalise thank you annalise.

Minnesota is currently the only state in the upper midwest to not conform with the federal tax laws for exempting ppp loan income.