The COVID-19 Pandemic has been quite unpredictable over the past year, but luckily, today there is good news! President Biden officially signed the PPP Extension Act into law in the final week of March, making the new deadline for loan applications May 31st, rather than March 31st.
To date, 3.6 million PPP loans have been awarded by the SBA, according to the White House. 3.3 million of these loans went to businesses with less than 20 employees. On top of that, President Biden provided an additional 30-day period for the SBA to process applications that are still pending.
Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration, said:
“Today, President Biden sent another strong message to America’s more than 30 million small business owners negatively impacted by the pandemic: help is here. By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the President is providing additional critical relief to the smallest of the small businesses – the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.
“The leadership of the Biden-Harris Administration, working with leaders of the House Small Business Committee, Chairwoman Nydia Velázquez, and Ranking Member Blaine Luetkemeyer, Reps. Carolyn Bourdeaux and Young Kim, and Senate Small Business and Entrepreneurship Committee Chairman Ben Cardin, and Senators Jeanne Shaheen and Susan Collins, ensured a strong bipartisan vote to extend this critical relief to hard-hit small businesses. More than 8.2 million PPP loans have provided struggling small businesses with the relief they need to keep workers employed and make ends meet during this pandemic. The SBA remains dedicated to reaching the heart and soul of the nation’s urban, rural, and low-income communities – the smallest businesses – and removing barriers to access this vital relief.”
To learn more about the PPP Extension Act, visit https://www.sba.gov/page/covid-19-guidance-resources#section-header-5
If you’re looking for more information on PPP/EIDL reporting, loans, taxation services, accounting, or bookkeeping, please contact Handle It today at https://www.handle.it/contactustoday or give us a call at 833-202-7676.