On Tuesday, March 30, President Joe Biden signed into law the Paycheck Protection Program (PPP) Extension Act of 2021. Originally, the PPP was set to expire on March 31, 2021. The Act provides an additional 60 days for applicants to apply for a PPP loan, extending the application deadline to May 31, 2021. The legislation also provides an additional 30 days, until June 30, 2021, for the Small Business Administration (SBA) to finish processing applications received prior to June 1, 2021.
If you would like to speak with a tax professional about PPP eligibility or loan forgiveness assistance, need additional guidance related to COVID-19, or would like assistance with any matter involving tax planning and strategy or business advisory, visit PYA’s COVID-19 hub, our PPP Overwatch program, or contact a PYA executive below at (800) 270-9629.