Paycheck Protection Program 2021 Update

graphic about paycheck protection program updates

Written by Charley Blewett

Many business owners grapple with Accounting & Marketing duties. Our two subsidiaries tackle these necessities ensuring smooth operations from the start.

February 25, 2021

* PPP Extension 2021 Update – April 2021 *

Paycheck Protection Program extended through May 31, 2021

Link to the Small Business Administration PPP Page

Original post follows:

Two Week Window For Businesses With Fewer Than 20 Employees

Biden Administration takes steps to promote equitable access to SBA relief through PPP

President Biden announced important changes to the PPP, including a two-week window for businesses with fewer than 20 employees.

On Monday, February 22, President Biden announced the following changes to SBA’s coronavirus relief programs to ensure equity:

Specifically, on Wednesday, February 24, 2021 at 9 am ET, SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.

Read more about Coronavirus (COVID-19): Small Business Guidance & Loan Resources by visiting the SBA website.

Borrowers may be eligible for loan forgiveness.

Check out the loan forgiveness requirements here: First Draw PPP Loan forgiveness terms SBA website.

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