EMPLOYER UPDATED Business Can Still Apply for the PPP Paycheck Protection Program because of a deadline extension to May 2021

 

By Lee Allphin, Employer Advantage Founder and Chairman of the Board

 

As part of Employer Advantage’s comprehensive suite of HR management and outsourcing services, we are assisting our clients in determining their best path during, and after, the Coronavirus pandemic. Please contact us if you would like assistance with any of your Employee Administration and Compliance responsibilities: Info@EmployerAdvantage.com | 877.476.9520

Businesses that have yet to take advantage of the Paycheck Protection Program (PPP), or need to apply for the second round, just got another chance with the passing of the PPP Extension Act of 2021. Signed in the nick of time, this bill moves the PPP application deadline from March 31 to May 31, 2021.

 

What does it mean for employers?

  • The additional 60 days provided by the bill will greatly aid small businesses, not-for-profits, and the CPAs that serve them, with pending applications as well as the ability to file new applications. This extension should allow more businesses to take advantage of this important stimulus program.
  • The PPP Extension Act also provides the Small Business Administration (SBA) more time, now until June 30, to address significant loan application process challenges, including confusing validation and error codes, delayed guidance, and changes to the PPP loan amount calculation for self-employed borrowers.
  • The PPP Extension Act does not provide additional funding for the current round of PPP, which provides more than $290 billion in forgivable loans to small businesses and not-for-profits. From the program’s opening through March 21, the SBA has approved more than 3.1 million loans, shy of the total funds allotted at nearly $196 billion.

Support for businesses struggling due to the COVID-19 Coronavirus pandemic has not only continued in 2021 but has largely been expanded. In February, the Biden administration announced several changes to the Paycheck Protection Program (PPP)and then passed the $1.9 Trillion “American Rescue Plan” in March, which contained critical measures that will be a lifeline for businesses that take action.  

 

Click here to see our other helpful “Blog for All Employers”

 

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About Employer Advantage

A New Path to HR Bliss – Trusted for more than 30 years, Employer Advantage frees you from the administrative and compliance burdens of having employees so you can focus on your business success. Versatile enough for companies of all sizes, our unique service combines comprehensive management of your employee administration and compliance with the latest software solutions, tailored to meet your individual needs and company culture. Our full-service management of HRpayrollhealth and benefits, workplace safety, and more, enhances your profitability while reducing the costs and risks associated with employment law compliance. We provide your employees with top-notch assistance and benefits that help you increase productivity, save time and money, and attract and retain a talented workforce. And for small and mid-sized businesses, we bring you economy of scale with access to Fortune-500-level benefits, specialty assistance, and savings that would not be possible to attain on your own. Headquartered in the Midwest and serving more than 500 companies and 10,000 worksite employees throughout the country, Employer Advantage is an IRS-Certified Professional Employer Organization (PEO) (CPEO). Experienced, certified, and trusted.