President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021. The new law gives qualifying businesses and individuals more time to apply for a PPP loan.
While this new law does not increase the amount of funding available for PPP loans, Congress did authorize $7.25 billion in additional PPP funding under the recent American Rescue Plan Act.
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 ...
The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP loans received, the state in which the borrower is located, and other information.
The list released by SBA/Treasury contains expected information about borrowers in many industries, including restaurants, construction, and other industries hard-hit by the COVID-19 pandemic, and certainly in need of financial help to get through the economic uncertainly and ...
Banks have loaned over $500 billion in PPP loans under the CARES Act, and to over 4.6 million businesses and self-employed individuals. These PPP loans are critical for these businesses and individuals – and their employees – to survive the economic devastation wrought by the COVID-10 pandemic.
PPP loans are administered by the U.S. Small Business Administration (SBA), and the SBA has issued a steady stream of administrative guidance concerning its interpretation of the Payroll Protection Program. Some of this SBA guidance is based on the agency’s interpretation of the ...
The Payroll Protection Program (PPP) under the CARES Act can provide eligible businesses with a forgivable loan from the government to be used to keep and pay employees, and for certain other purposes, and to help businesses, their owners, and their employees get through this difficult COVID-19 pandemic. However, the amount of a PPP loan – and the amount that potentially can be forgiven - may depend on the type of legal entity under which a business operates.
For example, partnerships/limited liability companies and self-employed individuals (including an individual operating ...