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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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SBA no longer accepting new PPP loan applications
The SBA has stopped accepting new applications for the Paycheck Protection Program from most lenders, almost a full month ahead of the loan’s application deadline.
Will 2 months and $60 billion be enough for PPP?
A week ago, on Tuesday, March 30, 2021, the President signed into law the PPP Extension Act of 2021. About $60 billion remain available in SBA Loan funding.
PPP Grants Additional Funds for Schedule C’s and Independent Contractors
A few weeks ago, the Biden Administration passed new legislation helping Schedule C’s and Independent contractors with the ability to gain more PPP funding
PPP Program Extension signed by President Joe Biden
Today March 30, 2021 President Joe Biden signed the PPP Program Extension, postponing the deadline to May 31, 2021. How does this affect you?
PPP vs SVOG vs EIDL: Do I Qualify for all of them?
PPP vs SVOG vs EIDL, Considering applying for different funds? Here’s an analysis of requirements to meet when considering different loans.
Paycheck Protection Program Application 2021
The Paycheck Protection Program (PPP) is a loan program under the Coronavirus aid, Relief, and Economic Security (CARES) Act aimed to provide relief to small businesses affected by the COVID-19 pandemic.