HOUSE PASSES PPP DEADLINE EXTENSION
Last night (Tuesday March 16th) the House of Representatives voted 415 -3 to extend the Paycheck Protection Program (PPP) from March 31, 2021 to May 31, 2021.
Although this bill must pass in the Senate and be signed into law by the President, with almost unanimous support I feel it is likely to become a reality.
With the changes made to the program both recently (an example would be Schedule C filers being allowed to use Gross income instead of net profit) and since the Consolidated Appropriations Act passed on December 27th, it makes sense to extend the deadline.
The changes made since passing the Act in December are, among other items, error codes put in place by the SBA to reduce fraud. While that is a very good idea, these codes have caused significant delays on applications that are legitimate. The extended time gives borrowers, the SBA, and professionals, like me, that are assisting borrowers much needed time to properly file necessary paperwork.
I will update everyone when and if this bill becomes law.
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Hang in there and stay safe,
Jeff Skolnick, CPA, M.S. Taxation