Covid-19 Tax Related Updates

Paycheck Protection Program (PPP) Extension Act of 2021

President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on March 31, 2021.

The new law extends the deadline to May 31, 2021. In addition, the Small Business Administration (SBA) is given until June 30, 2021 to process loan applications submitted before June 1. The PPP permits the SBA to provide loans to qualified businesses affected by the pandemic. The loans must be used for payroll and certain other costs. Visit SBA’s website for more information. 

Contact us if you have questions about forgivable PPP loans or if you would like to apply for one so you can retain employees at your business.