Owatonna Chamber Pushes for Tax Fix
The Owatonna Area Chamber of Commerce and Tourism (OACCT) says in this week's Tuesday Talk e-newsletter that a tax fix in urgently needed for the PPP loan program. They state, "An immediate need this session relates to tax forgiveness of PPP loans. Minnesota does NOT automatically conform to federal tax law changes so state legislation must be passed to ensure the forgiveness loans are not taxed in Minnesota and the deductibility of those expenses allowed."
The OACCT attached a letter from the Minnesota Chamber of Commerce on the Paycheck Protection Program as well. It reads, in part, "If PPP loan proceeds are used for qualifying costs and 60% of the local proceeds are used for payroll costs, then the federal government will forgive the loan. Unless Minnesota conforms to federal tax law, these forgivable loans will be taxed in Minnesota."
"More than 100,000 Minnesota businesses participated in the PPP loan program," The MN Chamber writes.
Locally, Community Bank Owatonna "is participating in the SBA PPP loan program for small businesses. No matter where you bank, we are willing to help." Visit www.cbowatonna.com or call 507-455-2265 for more information.
In other news from Tuesday Talk,
- The Steele County Economic Relief Grant has started taking applications. Approximately $715,000 is available to for-profit businesses and non-profits in the county. The deadline to submit an application is February 12, 2021 at 5 pm. Find the guidelines here. And go here for the application.
- The OACCT announces that the February After Hours event will be in-person. The Elks will host. Openings remain to host Business After Hours in several months this year. Contact Rhonda Gutheir at the chamber for details.
- The OACCT is holding it Annual Meeting as a virtual event on Friday, January 29. Businesses should have received their welcome packet by this time.
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