Yesterday, the Senate passed the PPP Extension Act of 2021, which had previously been approved by the House, sending the Bill on to President Biden for his expected signature. This bill extends the time businesses have to apply for a first or second PPP Small Business Loan until May 31st. The original date the program was scheduled to end was March 31st. This is welcome relief to hundreds of thousands of businesses who either have loans somewhere in the application process but not yet completed, or first- time applicants who because of the recent eligibility changes are now seeking assistance.
The PPP Extension Act of 2021 also gives the SBA an additional 30 days after May 31st to process loans. Again, this is good news, since the SBA has had significant delays in approving loans due to error codes and validation errors.
For more information or assistance in applying for a PPP loan, please contact your HM&M advisor.
Contact Us
For more information check out HM&M’s COVID-19 Resources page.
HM&M COVID-19 ResourcesRelated Posts
Paycheck Protection Program (PPP) Update – October 16, 2020 PPP Forgiveness Simplification On October 8th, Treasury and the U.S. Small Business Administration (“SBA”) issued a new interim final rule (“IFR”) on loan forgiveness. (See ...
On Saturday, August 8, 2020, President Trump took executive action and signed four Coronavirus Pandemic Relief orders to provide immediate and vital relief to Americans struggling in this difficult time. One of the four directives ...
Happy 2016 from HM&M! Reminder: Individual 2015 estimated payments for the 4th quarter are due Friday, January 15, 2016 If you have any questions, please feel free to contact your HM&M executive.
In an effort to spur on business activity to the hard hit restaurant industry, the recent stimulus legislation includes a provision that removes the 50% limit on deducting business meals. In 2021 and 2022, business ...
Latest Blog
U.S. lawmakers have taken another step toward closing a perceived loophole that allows certain income earned by investment ...
Every six years, the Internal Revenue Service (IRS) requires employers with qualified, pre-approved plans to restate their plan ...
Blog Part 2 of 2 – Read Part 1 by clicking here How does the IRS treat cryptocurrency? ...
HM&M Updates
We have moved to our permanent location in Frisco located in Hall Park which is conveniently located at ...
On Friday, July 9th, Anat Borodyansky spoke to Park Cities Rotary. She shared recent tax insights and important ...
We are pleased to announce that effective July 15, 2021, Alyson Brands, Diana Cetares and Sirena Plitt have ...