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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!
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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.