On March 8, the Federal Reserve announced it is extending its application deadline for Paycheck Protection Program (PPP) loans until June 30, 2021. The announcement that the loan facility that supports the PPP would run through June comes at the end of the temporary restrictions on PPP loan applications. Designed by the Biden administration to give priority access to small businesses, the limitation spanned Wednesday, Feb. 24 through Tuesday, March 9, 2021. During that window, the Small Business Administration was only accepting PPP loan applications from businesses with less than 20 employees.
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Topics:
CARES Act,
Coronavirus Aid, Relief, and Economic Security Act,
PPP,
charitable contributions,
SBA,
loan forgiveness,
PPP2
On February 22, the White House announced changes to the Paycheck Protection Program that give exclusive access to certain small businesses.
Year-end legislation provided additional funding and an extension of the Small Business Administration’s Paycheck Protection Program (PPP) for the first quarter of 2021. Effective February 24, the Biden-Harris administration is instituting a 14-day holding period on new PPP applications (sometimes referred to as PPP2 loans) for businesses with 20 or more employees. The goal of the hold is to lessen the PPP competition for small businesses and sole proprietorships that may have had difficulty accessing the federal funds previously.
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Topics:
Election,
COVID19,
Coronavirus,
employees,
CARES Act,
Paycheck Protection Program,
PPP Loan,
PPP Loan Forgiveness,
Biden,
PPP2
The Consolidated Appropriations Act passed on Dec. 27, 2020 provided some much needed COVID-19 relief measures along with its government funding provisions. After much back and forth among Congress about the size and scope of the stimulus package, several opportunities emerged in the final legislation, the first major stimulus package released since the spring’s Coronavirus, Aid, Relief, and Economic Security (CARES) Act. Below are eight actions your organization may want to take as part of its recovery from COVID-19 disruption.
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Topics:
payroll taxes,
FSA,
student loans,
tax credit,
tax legislation,
Paid Family and Medical Leave,
COVID19,
Coronavirus,
CARES Act,
Coronavirus Aid, Relief, and Economic Security Act,
Employee Retention Credits,
PPP,
charitable contributions,
SBA,
loan forgiveness,
Stimulus,
Employee Payroll Tax Deferral,
PPP2
