Paycheck Protection Program

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PPP Program Extension signed by the President

Over the past few weeks, the House of Representatives and the Senate passed the latest legislation requesting an extension to the Paycheck Protection Program.

Today March 30, 2021 President Joe Biden signed the PPP Extension Act, postponing the deadline to May 31, 2021.

How does this affect you?

The recent American Rescue Plan has granted even more PPP funding of $7.5 Billion, increasing the PPP program level from $806.4 Billion to $813.7 Billion, allowing small businesses to gain additional funds.

Here are a few insights about the recent Paycheck Protection Program changes:

  • You can now request a second PPP loan if you have used all the funding from your first PPP funds
  • Schedule C and Independent Contractors can request a higher application loan amount through gross income, instead of net income.
  • PPP participants can also use the Employee Retention Credit in the same year (If the funds do not overlap)
  • Shuttered Venue Operators and Restaurant Revitalization Grant Holders may not request PPP Funding in 2021

If you want to walk through this together, schedule a free appointment today!

Are you struggling to find Financial Guidance during the COVID-19 hardship?

We’ve been helping clients with disaster relief, survival budgeting, and cash management plans since March!

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