The PPP Extension Act of 2021 provides a 60-day extension of the PPP loan application deadline, from March 31 to May 31, 2021.
PPP Loan Application
The SBA has issued new guidance for PPP loans for self-employed individuals who file Form 1040, Schedule C, allowing them to calculate their maximum loan amount using gross income instead of net profit.
The newest PPP changes announced by the SBA are intended to benefit the smallest of small businesses. PPP loans will be available exclusively to businesses with 20 or less employees and sole proprietors from Wednesday, February 24 through March 10, 2021.
The Consolidated Appropriations Act, 2021 addresses tax provisions related to the PPP which could have consequences for state and local tax.
The PPP loan application window opens today, Jan 15 for both first- and second-draw PPP forgivable loans (for community lenders with $1 billion or less in assets).