PPP Extension to May 31 is Passed into Law
We have 60 more days to help you apply for PPP Loans. Congress reports there is still about $100 million left from the PPP Extension Act passed in January. As accountants, we lean with confidence on the information produced by the American Institute of Certified Public Accountants (AICPA). They have lobbied for positive changes to the PPP loan process and forgiveness process that will help small businesses all along the way. On Friday the 26th, after this new measure passed the House and the Senate, the AICPA praised the passage of the PPP Extension Act, which extends the filing deadline for PPP applications by 60 days and provides an additional 30 days for the SBA to finish processing applications received by May 31.
Legislation surrounding this historic government assistance to businesses affected by COVID-19 has been fast and furious for 12 months now, and SCPA continues to study and digest the constant changes in order to help our clients navigate the evolving options.