I hope you have managed to stay safe and well! We focus on resolving tax issues in Prince William County and throughout the lower Northern Virginia area.

On Thursday, the Senate approved the PPP Extension Act of 2021 by a vote of 92-7, the act is is likely in front of President Biden for signature. This will extend the PPP application deadline by 60 days to May 31, 2021. 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.

The extension is necessary due to the fact that the SBA noted in their recent Senate testimony that two million PPP applications had been held up by error codes and approximately 190,000 applications remain unapproved, due to these hold codes. This extension should provide the necessary time for the aforementioned applications to be processed by the SBA.

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.

VERIFICATION REQUIREMENTS FOR APPLICATIONS
In cooperation with SBA guidance on reducing waste and abuse of the PPP, lenders are tightening verification requests of PPP applicants.

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/