PPP Extension Act Signed Into Law; Schedule C Filers Have New Options

On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law. The Paycheck Protection Program, originally set to expire on March 31, 2021, has now been extended to June 30, 2021. This allows more time for nearly 30% of the appropriated funding to be distributed to applicants, as stated by the SBA as of March 21.

PPP Application Deadline is Now May 31, 2021

For business owners and schedule C filers, you now have an additional two months to apply for the Paycheck Protection Program, up until May 31, 2021. The last 30-day period of the program is reserved for the SBA to process applications that are still pending.

For Schedule C Filers: If you file a Schedule C, you now have the option to calculate your loan amount based on gross income instead of net profit – significantly increasing the amount of loan that could be available. If you have not yet applied for a PPP loan, it may be worth consideration.

> Related content: PPP Round Two | What You Need to Know to Apply

> Learn More about the Paycheck Protection Program (SBA website) 

> Learn More about Lurie’s Free PPP Loan Organizer

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