New legislation extends the Paycheck Protection Program (PPP) application deadline from March 31 to May 31. The PPP Extension Act of 2021 also gives the Small Business Administration (SBA) an additional 30 days beyond May 31 to process those loans.
The new deadline applies whether a business is applying for a first-time PPP loan or a second-draw PPP loan.
Changes made to the PPP in the past few months were designed to give businesses more flexibility with PPP funding, including tax exemption for expenses paid for with PPP monies, and eligibility for sole proprietors, independent contractors, and self-employed. The application and reporting have also been streamlined.
Visit the SBA website for details and loan applications.
Contact us with questions you might have about applying for PPP loans or loan forgiveness.