What You Need to Know
- PPP loan application deadline extended from March 31 to May 31.
- Two million PPP applications have been held up by error codes, and 190,000 remain unapproved.
- The House passed the bill on March 17.
The Senate passed Thursday the PPP Extension Act of 2021, bipartisan legislation that would extend the PPP loan application deadline from March 31 to May 31.
“The additional 60 days provided by the PPP Extension Act will greatly help small businesses, non-profits and the CPAs that serve them complete existing and file new PPP loan applications,” AICPA said Thursday in a statement.
The House passed the bill on March 17.
The extension “gives the SBA time to update its E-Tran system and issue new guidance,” AICPA said. “In addition, AICPA and its members look forward to Congress also providing retroactive relief to Schedule C filers, who are the smallest of the small businesses.”