Burr & Forman

03.12.2021   |   Blog Articles, CARES Act/PPP, COVID-19, Federal Tax, Tax Law Insights

Time is Running Out to Apply For a PPP Loan

The second PPP loan program is due to expire March 31, 2021.  Many eligible businesses have still not applied.  President Biden announced changes to the program on February 22, 2021 making it easier to qualify for a PPP loan now, and particularly for sole proprietors, independent contractors, and self-employed individuals.

The PPP loan program still has funds available.  Congress could also extend the March 31, 2021 termination date for loan applications.  However, Congressional extension is not certain, and qualifying individuals and businesses should consider applying for a PPP loan now and to assist them financially with the continuing affects of the COVID-19 pandemic.


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