The PPP deadline is poised to be extended to this new date
The Senate voted overwhelmingly Thursday to extend the deadline of the Small Business Administration’s Paycheck Protection Program to May 31.
The legislation now heads to President Joe Biden for his signature, and he is expected to sign the bill into law. The legislation would also give the SBA an additional month to process any PPP loans that came in before the new deadline, essentially giving the agency until June 30.
The House had passed a similar bill earlier in March for an extension of the PPP.
Part of the push for that extension came after the Biden administration put into place new rules in late February to allow some businesses with no employees, as well as independent contractors and sole proprietors, to receive extra funding by using gross income instead of net income to calculate the size of their PPP loans. Those changes, which were made official by the SBA in early March, meant that businesses that did not turn a profit will now be able to receive a forgivable loan, while those that only made a little money could receive much more.
https://www.bizjournals.com/seattle/news/2021/03/25/sba-ppp-loan-deadline-extend-congress.html
