Tax Season 2021

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Senate Passed: PPP Extension Act of 2021

Good news for small businesses applying for SBA PPP Loan. Today, March 25, 2021, Members of the Congress voted 92 to 7 to pass the bipartisan legislation proposed to extend the Paycheck Protection Program deadline, also known as PPP Extension Act of 2021. The bill now goes to President Joe Biden, who is expected to sign it into law.

What does this mean for your business?

  • The bill extends the deadline 2 months for SBA PPP Loan applications from March 31 until May 31
  • Provide an additional 30-day period for the Small Business Administration to process pending PPP applications by June 30
  • Extended time to allow small businesses to access the additional $7.25 billion in funds from the American Rescue Plan Act
  • Provide access to over 30% of the PPP allocated funds that are still available for borrowers
  • Convert the SBA PPP Loans into grants for borrowers that meet certain conditions

We have our team reviewing SBA PPP Loan applications in detail. If you want to walk through this together, schedule here:

Do you know how much you are overpaying in taxes to the IRS?

We’d love to jump on a free zoom call with you to show you how much you can save in tax payments this year.

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