PPP Loan Program Extended Two Months
The Senate passed The PPP Extension Act of 2021 last week which is expected to be signed into law when it reaches the President’s desk.
The bill extends the application deadline on the PPP Loan program for two months until May 31, 2021. It also gives the Small Business Administration another 30 days after the deadline to process pending applications.
I spoke to a couple of you last week, encouraging you to apply for this program. Many have had extreme difficulties in the past year, and for some reason have chosen to not take advantage of this free money.
To many, it comes down to being afraid of the application. We’ve all had difficulties applying for loans in the past. By definition, there may be trepidation for many in this process.
Please allow me to reassure you that this isn’t a difficult process. Every bank is a little different in their requirements. Some may want to see your last income tax return to verify payroll. Others may just want to see your payroll tax returns.
Either way, any of my clients certainly have these items.
The other thing is making sure that you qualify by having a quarter that is down 25%. This needs to be by quarter, not just any three month period in the year. The application itself requires you to provide the numbers showing the quarter in 2020 that is down 25% from the corresponding quarter in 2019.
Again, if any of you have any difficulties with this, please call our offices today.
This is a completely forgivable loan. As long as you have the payroll and operating expenses necessary, there are no tax consequences. For the first time in my professional life, there is actual free money out there to be had. It isn’t difficult to accomplish.
If you need help please call, but get this done today.
Let me leave you with this.
Many seem to have forgotten that we only have ten months after the end of the covered period to get these PPP Loans forgiven. For many, that deadline is approaching.
Let’s say that you received your first draw on May 1st of 2020. The 24 week covered period would take you to November 1st. That would give you until August of 2021 to submit your forgiveness paperwork.
We have been successful in getting dozens of these fully forgiven. Some are easy. Some are more difficult, but they do take time. Don’t put these on the back burner.
If you need help, please click on the PPP Loan Forgiveness button and fill out the attached form.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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