Client Alerts PPP Application Deadline Extended

Publication
03.31.21 | By: Frank L. Washelesky

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications.

read more

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications.

Related Read: Paycheck Protection Program Reopening for First and Second Draw Loans

The new PPP Extension Act provides no additional funding for the program but extends the filing deadline for both first and second draw loan applications to May 31, 2021. The deadline extension may increase the odds of securing a loan, particularly for businesses that have struggled with the application process.

The law also gives the Small Business Administration (SBA) an additional 30 days — through June 30, 2021 — after the extended application deadline to complete its processing of applications. The SBA has a backlog of applications because of a variety of factors, including coding errors, delays in the release of guidance on the implementation of the program and its many changes and a recent revision of the formula used to calculate certain sole-proprietor applicant’s loan amounts.

If you have questions or concerns regarding this Client Alert, please contact Frank Washelesky at [email protected] or your ORBA advisor.

News & Events

view all

Forward ThinkingClient Alerts

view all

Firm News

10.29.24

INSIDE Public Accounting Recognizes ORBA as a 2024 Top 200 IPA Firm
CHICAGO – ORBA, one of Chicago’s largest public accounting firms, has been recognized as a 2024 IPA 200 Firm by INSIDE Public Accounting (IPA). Debuting on the list in 2013, this is the tenth year that ORBA has made the list of the country’s Top 200 Firms. ORBA is ranked #118 on the list in the annual report.   

view all

seminars & events

Guides

ORBA will gladly provide you with hard copies of the useful guides listed below. Select which guides you would like to receive and submit the form below.

  • Tax Pocket Guide
  • Tax Planning Guide
  • Records Retention Schedule
  • Auto, Travel & Business Log

request guide

Close
Forward Thinking
Forward Thinking