On March, 25, 2021, the U. S. Senate passed a bill to extend the Paycheck Protection Program (PPP) application deadline from March 31 to May 31. The 60 day extension will help small businesses and nonprofits complete the application process or file new applications. As of March 24, 2021, more than 190,000 applications were still held up in the SBA’s PPP platform due to unresolved error codes in the validation checks that were instituted by the SBA to help prevent fraudulent applications from being funded. As of March 21, 2021, there was approximately $94 billion dollars remaining for the PPP loan program.
We urge businesses that have not already applied for a PPP loan or a round 2 PPP loan to apply soon. Small businesses and nonprofits can qualify for a second PPP loan if they experience a 25% reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019.
Please contact your preparer or the PPP team directly at ppp@wheelercpa.com if you have any questions regarding a PPP loan.