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RI Bill Seeks To Exempt Forgiven Small-Biz Virus Loans From Tax

By Jaqueline McCool · April 12, 2021, 4:05 PM EDT

Rhode Island would exempt from income tax forgiven federal small-business loans granted as a response to the coronavirus pandemic under a bill introduced in the state Senate.

S.B. 815, which Sen. Sandra Cano, D-Pawtucket, introduced Thursday, would exempt forgiven loans granted as a part of the federal Paycheck Protection Program from state income tax.

--Editing by Vincent Sherry. 

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