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On Tuesday, President Joe Biden signed the Paycheck Protection Program (PPP) extension into law, extending federal aid for small businesses through May 31. Under this new legislation, applications could be submitted to the SBA through May 31, and the SBA would have until June 30, 2021, to approve them.
Biden included $50 billion in small business aid in his stimulus plan, including $7.25 billion specifically for the PPP, and this extension should provide the necessary time for the SBA to process current applications in their possession, while, opening the door for more applications to be submitted. The latest round of the PPP Program has seen warehousing and transportation businesses apply for the most aid. Experts expect this to continue to be the case through the end of the program on May 31, 2021.
What the PPP extension means
Client Applications in Queue
Anyone with pending/submitted applications currently awaiting approval, the extension will provide additional time to work through hold codes and process these applications. Applications that experience validation errors must be corrected and resubmitted before May 31 under the new extension in order for the SBA to review and issue a decision.
New Applicant have more time
You might be surprised that there are a number of business owners are still on the fence regarding how the PPP Program actually works, and have had to sift through the misinformation that abounds about the rules and regulations surrounding the program. This gives those individuals and businesses a chance apply for much needed funding.
We’ve helped a multitude of businesses qualify for, and obtain a PPP Loan during the first round of funding throughout 2020, and during this second round of 2021. Whether you’d like to attempt to qualify for a first round “draw”, or need assistance with documenting the qualifications for a second round “draw”, we are here to assist you. Feel free to contact us with any questions you may have about the PPP. https://brtaxaccountant.com/