PPP Loan Application Window Extended to May 31, 2021

President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on March 31, 2021. The new law extends the deadline to May 31, 2021. In addition, the Small Business Administration (SBA) is…

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SBA Announces New Targeted Economic Injury Disaster Loan (EIDL) Advance

In the first round of EIDL grants in March of 2020, funds were quickly depleted, and many small business applicants received only a small portion, if any, of the original full EIDL amount of $10,000.  As part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act that was signed into law on…

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ppp loans

Asking for Forgiveness? Contractors Should Handle PPP Loans with Care

Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans — guaranteed by the Small Business Administration (SBA) — to help cover payroll and other costs. Recipients of PPP loans may also qualify for debt forgiveness…

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Senate Approves Changes to the Paycheck Protection Program

The U.S. Senate approved changes to the SBA’s Paycheck Protection Program (PPP) Wednesday evening, making the program’s lending terms more favorable.  The bill now heads to President Donald Trump for his signature.  If signed into law by Trump, the PPP Flexibility Act would: Extend the “covered period” under which small businesses can spend the loan…

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