NFIB applauds Governor Murphy’s decision to exempt PPP loans from state taxes

NFIB applauds Governor Murphy’s decision to exempt PPP loans from state taxes

TRENTON (February 10, 2021) – NFIB, New Jersey’s premier small business association with thousands of members across the state, applauded Governor Phil Murphy’s decision to exempt Paycheck Protection Program loans from tax and allow deductions on related expenses. The following statement is from NFIB Director for New Jersey State Eileen Kean:

“We are very grateful that Governor Murphy has chosen to help small businesses by taking the state tax burden off their shoulders. These business owners took out P3 loans when they were financially desperate due to state-imposed closings and ongoing restrictions. Then, they followed all the rules set by Congress to keep their employees paid and out of unemployment, and will not owe any federal taxes related to the loan.

“While so many of New Jersey’s small businesses are still fragile and trying to stay afloat, this state decision will help them avoid any additional costs.

“We are also grateful to the senators who voted in favor of a bill that would have removed these taxes and allowed deductions, and we are delighted that the governor’s action removes the need to pass this legislation.”

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For more than 75 years, the NFIB has championed the interests of American small business owners and independent businesses, both in Washington, DC, and in the 50 state capitals. The NFIB is non-profit, non-partisan, and member-driven. Since its founding in 1943, NFIB has focused exclusively on small businesses and independent businesses, and so on today. For more information, please visit nfib.com.

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