The PPP Loan deadline has been extended and expires on May 31st, 2021. Want to know what this PPP Loan extension means and the other changes that PPP made? Read on. Hey, everybody. It’s Bette Hochberger, CPA, CGMA, and I wanted to come online and share with you some relatively new breaking news that’s pretty exciting. And that is that the PPP application deadline is now on May 31st. So if you’ve been thinking about putting in an application and you haven’t gotten around to it, you weren’t sure if PPP had money left, you never found someone to process your application, whatever the case may be, you now have a lot more time. I can tell you that from speaking with bankers and from my personal experience, the process now is way faster. Now PPP is organized; It’s not so chaotic like it was around this time last year. It’s just overall; it’s a better experience.
So if you thought, “Maybe I should go get a PPP loan,” and then you never quite got around to it, now is your time. You have time. There were some changes also. For example, if you’re a sole proprietor or a single member, LLC, you can now use your gross income to calculate how much PPP loan you can get, which for some people, might be a considerable amount. Unfortunately, you can’t go back in time and change it if you’ve already filed. But if you’re a new filer, you can use that. So get your PPP money. I know a lot of people are still struggling. 2020 going away did not end a lot of the COVID problems. So there is help out there. Get PPP 1; then you can get PPP 2 and make sure your business stays afloat. So good luck and get your loans.
