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
The 1099 Reporting for 2020 has some significant changes for reporting payment for services that may require your attention. Payments to individuals and businesses providing services are now to be reported on the new Form ...
Remember that you have 10 months after the end of the covered period (8 or 24 weeks from receipt of the PPP loan) to submit a loan forgiveness application before you must begin making payments ...
Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance ...
On August 4, 2020 the Small Business Administration (“SBA”), in consultation with the Department of Treasury, issued 23 frequently asked questions (“FAQs”) on PPP Loan Forgiveness. These FAQs supplement the previously issued PPP Interim Final ...
Latest Blog
Last week, many Texans and residents of other southern states were severely impacted by a historic winter storm. ...
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement ...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if ...
HM&M Updates
The Dallas Business Journal released its 2021 The List of Accounting Firms. The Journal ranks Dallas-Fort Worth Accounting ...
HM&M is thrilled to welcome Bill Barnard to the HM&M team as shareholder. Bill brings with him Michelle ...
Kimberly Lyons is a member of the TXCPA Dallas Chapter and sits on the Partners in Education Committee. ...