COVID Relief Update: PPP Deadline Extended, EIDL Loan Ceiling Raised
There’s a feeling of cautious optimism on the COVID-19 front and for good reason. While vaccination rates rise and infections decline across the country, Congress continues to do its part to help the small business community put the pandemic in the rear view mirror.
Their latest move is a big one. Yesterday, the Senate voted to extend the Paycheck Protection Program (PPP) application deadline to May 31, giving small businesses an additional 60 days to apply for both 1st and 2nd draw PPP loans. The measure also gives the SBA an additional 30 days to process loans after the May 31 deadline.
That comes on the heels of the SBA’s announcement Wednesday that beginning April 6, the loan limit for the COVID-19 EIDL program will be raised from 6 months of economic injury with a maximum loan amount of $150,000, to up to 24 months of economic injury with a maximum loan amount of $500,000. Deferment periods for EIDL loans are also being extended from 12 months to 18 to 24 months, depending on when they were initiated (2020 or 2021).
If you have any questions about how these changes affect your business, or any other aspect of COVID-19 relief efforts to date, please contact your Weiss tax professional.
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