DEADLINE FOR PAYCHECK PROTECTION PROGRAM (PPP) APPLICATION HAS BEEN EXTENDED TO MAY 31st
Updated: May 6
GREAT NEWS! The PPP Application Deadline has been extended to MAY 31ST! It’s likely this won’t be extended again so TAKE ACTION NOW and get your application in!
The American Rescue Plan also added/changed some aspects of the program which extends benefits and qualifies more borrowers than previous versions.
Here are some of the changes:
More financial support for sole proprietors, independent contractors, and self-employed individuals (“gig workers”)
Provides greater flexibility for seasonal employees
Elimination of restriction for small business owners with prior non-fraud felony convictions;
Elimination of access student loan debt delinquency as a disqualifier;
Allowing access for non-citizen small business owners who are lawful U.S. residents to apply;
Borrowers can set their PPP loan’s covered period to meet their business needs;
Some existing PPP borrowers can request a modification to their first draw loan amount;
Some existing borrowers are now eligible to apply for Second Draw PPP Loan.
There are several more things that have been added into the PPP Extension.
If you are still unsure, the best thing to do is to reach out for assistance.
Want to learn more? Call us today!