MS SB3019

Exempts small businesses from Mississippi state income tax for taxable years 2020 and 2021 if they applied for a Paycheck Protection Program (PPP) loan by March 31, 2021, but did not receive one

Exempts the same qualifying small businesses from Mississippi franchise tax for taxable years 2020 and 2021

Qualifying small businesses include sole proprietors, independent contractors, self-employed persons, and businesses meeting SBA size standards

Eligible entities also include 501(c)(3) nonprofits, 501(c)(19) veterans organizations, and tribal business concerns with 500 or fewer employees (or meeting SBA size standards if larger)

Accommodations and food services businesses (NAICS code 72) with multiple locations qualify if each location has fewer than 500 employees