Congress extends deadline for PPP applicants to May 31, 2021
Small businesses have an additional two months to apply
PPP applicants can go through the loan process with the following changes:
- The PPP program is open through May 31, 2021 or until the new funding is exhausted.
- If you are a 501(c)(6), a 501(c)(5), a local news media organization, or a housing cooperative you may be newly eligible for a loan.
- You may qualify even if you took advantage of the Employee Retention Tax Credit.
- If you are a publicly traded company, you are now prohibited from receiving a loan.
- Group insurance payment can be included in your payroll costs when determining your maximum loan amount (see Step 3 in our original Guide).
- If you are a seasonal employer, you have greater flexibility in picking the 12-week period between February 15, 2019 and February 15, 2020 used to determine your payroll costs and thus your maximum loan amount.
Small businesses have an additional two months to apply which may also open the door to apply for a second PPP loan if the first draw was recently received and not enough time passed between loans to apply for a second one. (Eight weeks must pass between the loans so there’s time to spend the money on payroll.)
More helpful resources are here:
Guide to Small Business COVID-19 Emergency Loans
For more info, visit the SBA website.