Senate Passes Extension of Paycheck Protection Program to May 31
by Orion Mark, CPA
On Thursday, March 25, the Senate passed a bill for President Biden’s signature to extend the Paycheck Protection Program (PPP) application deadline by 60 days, from March 31, 2021 to May 31, 2021.
Even though this extension allows the PPP to remain open until May 31, reports state that the current PPP funding will likely be exhausted sometime in April. Therefore, potential borrowers or newly eligible borrowers may wish to expedite their PPP loan applications.
The PPP is a Small Business Administration (SBA) funding program that provides potentially forgivable loans to eligible small businesses and nonprofit organizations that have faced economic challenges brought on by the COVID-19 pandemic.
The extension provides the SBA time to address significant loan application process challenges, including validation and error codes and delayed guidance. Recent guidance included beneficial changes for Form 1040 Schedule C and Schedule F filers, who may now qualify for the PPP (when, previously, they were ineligible).
Larson Gross advisors are working diligently to assist and evaluate those who may be eligible for the PPP. If your business or nonprofit has not applied for the PPP, the time to act is now. If you have any questions, please don’t hesitate to contact us.
Call us at (360) 734-4280 or fill out the form below and we'll contact you to discuss your specific situation.
Orion Mark, CPA
Orion Mark joined Larson Gross in 2020 as a Manager who specializes in tax planning and preparation for businesses and individuals, commonly with international components.