President Biden Extends PPP Loan Application Deadline
On Tuesday, President Biden signed an extension of the Paycheck Protection Program (PPP). The program was set to expire on March 31st. It was created last year in hopes to help small businesses weather any economic fallouts caused by the coronavirus pandemic. Application for a PPP loan has been extended from March to May 31st and authorizations of loans will continue until June 30th. While the extension act does not provide additional funding, it allows for the SBA to view more applications. Congress established this program to provide government-backed grants to small businesses in order to maintain their payroll. The average loan for this year is around $59,000 of the $806 billion budget. In testimony, the SBA stated that the PPP should have enough funding to last through mid-April.
Still, trying to decide if you would like to apply for PPP funds on behalf of your business? Confused about the required paperwork that is necessary to apply for PPP forgiveness? The professionals at The Center for Financial, Legal, and Tax Planning, Inc. are more than knowledgeable with regards to PPP applications and forgiveness. Please contact us at (618) 997-3436.