In this 2-minute read: The PPP application deadline is being extended to 5/31/2021; New application, simpler rules; Second draw PPP loans; In late December 2020, the Senate passed a bipartisan measure extending the PPP program. The Paycheck Protection Flexibility Act of 2020, P.L. The current deadline is March 31, 2021. Because of those bureaucratic hiccups, a growing number of groups have asked Congress to either allow applications filed this month to continue to be considered by SBA past the March 31 deadline, or to extend the PPP second round application deadline by 60-to-90 days. Tax Impacts of PPP Loan Forgiveness In certain instances, loan forgiveness may give rise to cancellation of debt income (CODI) includible in a borrower’s gross income. With the second round of PPP wrapping up, there’s also attention on getting forgiveness for loans made in the first round. The House passed the bill earlier this month and it will now go to President Joe Biden for his signature. The extension will aid lenders and businesses that have encountered errors in the application process. The deadline for PPP applications has been extended through May 31, 2021, but some experts say funding may run out mid-April. And once the second round of PPP came out, a lot of banks stopped accepting forgiveness applications and put a block there as well, so it's been a rollercoaster ride.” In the meantime, both small and midsized businesses are waiting for the loans in order to survive, and an extension on the March 31 deadline is urgently needed. “The existing March 31 deadline does not allow enough time for newly eligible farmers and ranchers to apply, nor does it … PPP ROUND 2 LOAN APPLICATIONS. 116-142, extended the deferral period for loan payments to either (1) the date that SBA remits the borrower’s loan forgiveness amount to the lender or (2) if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period. The House-passed measure heads to President Biden for a signature. The SBA issued has new “Interim Final Rules” on January 6 and January 19, which help clarify the new round of PPP Loans authorized by the year-end Consolidated Appropriations Act, 2021 (the “Act”). The Senate passed the bill on a 92-7 vote, extending the program two more months from its current expiration date of March 31. Since the program reopened in January (after the first round of PPP closed on August 8, 2020), more than 2 million loans have been approved for … PPP) Act in the Oval … PPP LOAN 2 DEADLINE EXTENDED UNTIL MAY 31, 2021 Round 3 PPP Application Deadline . Just days before it was scheduled to expire, the Senate voted 92 to 7 to pass the PPP Extension Act of 2021, which would extend the program to May 31 from the current deadline … Update as of April 2, 2021:. The PPP Extension Act of 2021, which has cleared the House and awaits a vote in the Senate, would extend the application deadline to June 1. The Senate passed the bill on a 92-7 vote, extending the program two more months from its current expiration date of March 31. An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional … PPP loan deadline extension would help banks process more applications . Sen. Ben Cardin, D-Maryland, who chairs the committee, introduced the PPP Extension Act in the Senate with Sen. Susan Collins, R-Maine, and Jeanne Shaheen, D-N.H., to extend the PP deadline until May 31 and provide an additional 30-day period … The Paycheck Protection Program (PPP) loans have been one of the most successful government interventions to offset the economic calamity of COVID-19 on small businesses.These forgivable small business loans are credited with keeping more than 7 million US businesses afloat during the pandemic.. And the whole program almost came to an end. The Consolidated Appropriations Act, 2021 (CAA) extended the Paycheck Protection Program (PPP) through March 31, 2021, or until funds are depleted. Still Want to Apply for a PPP Loan. Congress Extends PPP Application Deadline by 2 Months The new line in the sand is May 31. Justin Ho Mar 29, 2021. The House on Tuesday easily passed legislation that would extend the deadline for small businesses to apply for Paycheck Protection Program (PPP) loans from March 31 to May 31. Given the PPP loan extension, there's still time to apply. Author: Eileen Sethna With mere days left before the sunset on the Small Business Association’s deadline for Second Draw Paycheck Protection Program Loans (“PPP2”) on March 31, 2021, the Paycheck Protection Program Extension Act, passed the Senate on March 25, extending the deadline to apply for PPP2 to May 31, 2021.The SBA has an additional 30 days to review applications received … PPP Update: Possible Round 2 Extension By: Scott Borsack The second round of the Paycheck Protection Program, as created by Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act is due to close on March 31, 2021, which is next week. The Senate on Thursday overwhelmingly approved the PPP Extension Act of 2021. As a result lawmakers increased their calls to extend the PPP round 2 deadline. We have two partner lenders that have been helping businesses of all sizes: Funding Circle and Bluevine. PPP Loan Round 2 and ERTC. The House passed the bill earlier this month and it will now go to President Joe Biden for his signature. A new COVID-19 relief package was signed into law allocating an additional $285 billion to fund more PPP loans and simplify the forgiveness process for existing PPP loans of $150,000 or less. The deadline for applications for the second round of Paycheck Protection Program loans has been extended to May 31, 2021, from its original March 31 deadline.. PPP Round 2 Deadline Extended: The SBA has extended the deadline for PPP applications to May 31, 2021. So far, the SBA reports, 2.1 million of the 5.2 million first-round loans have been forgiven, with 234,000 being processed as of March 21. In addition, in the current round of PPP, the SBA increased security to … ... Young Kim (R-Calif.), the PPP would get extended for 60 days and the U.S ... from errors or data discrepancies between the last round of PPP … The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The latest round of PPP loans came with … Lawmakers voted 92-7 to push back the Paycheck Protection Program (PPP) loan application deadline … Here are the relevant details. The PPP Extension Act was passed by Congress recently and signed by President Joe Biden on March 30. For the business owners out there who meet the qualifying criteria for a Paycheck Protection Program loan from the Small Business Administration (“SBA”), the loan application deadline originally scheduled to end March 31, 2021 has been extended … The full House passed Wednesday the Paycheck Protection Program (PPP) Extension Act of 2021, bipartisan legislation that would extend the PPP loan application deadline … By: Matt McKinnon, CPA and Brian Denlinger, CPA. The PPP Extension Act of 2021 gives the SBA 30 days beyond May 31 to process loans. PPP Round 2 Extended March 31, 2021. President … Round two of PPP deadline has been extended to May 31, 2021. The House passed a bill extending the deadline for applying for a Paycheck Protection Program loan to May 31, sending the legislation to the Senate as the current March 31 deadline looms. The second round of PPP lending opened up in January after Congress approved more funding in December. The PPP Extension Act of 2021, which has cleared the House and awaits a vote in the Senate, would extend … By a nearly unanimous vote, the House of Representatives passed a bill extending the deadline to apply for a PPP loan to May 31, as the current March 31 deadline quickly approaches. Contact Banker. Last year, the first PPP round was also extended as well. As of March 25, both the House and Senate have passed legislation to extend the PPP Round 2 application deadline from March 31, 2021 to May 31, 2021. The extension must now be ratified by President Joe Biden to become law. The second round of PPP lending opened up in January after Congress approved more funding in December. President Biden signs the Paycheck Protection Program Extension Act of 2021 into law at the White House on March 30, 2021. Schedule PPP Appointment. Joe Biden on March 30 Senate passed the bill on a 92-7,... 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