PPP LOANS EXTENDED THROUGH MAY 31, 2021!
What impact does the PPP extension mean for you?
For self-employed Schedule C individuals, who struggled to find lenders that offered recently updated application forms featuring the more generous “gross revenue” line 7 of Schedule C application forms for either first draw or second draw, lenders will now have time to update systems so you can apply with the correct forms to ensure you receive a larger forgivable loan.
For non-schedule C organizations, who have been waiting for your lender to update their PPP first draw and second draw applications with the recently updated certification clause on SVOGs, lenders will now have time to update systems so you can apply with the correct forms.
For those of you who receive your first draw PPP in the first quarter of 2021, you now have more time to properly complete spending down your first draw in as few as 8 weeks and then apply for a second draw PPP before May 31st.
For those of you who plan to submit an SVOG application on or after April 8, 2021, and you are also interested in securing a PPP loan now, you must apply for the PPP before you apply for the SVOG.
We recently posted Proskauer law firm’s PPP deep dive analysis into all the ongoing updates to PPP and Forgiveness to our website.
There are still ample PPP funds available with a current balance of $88 billion.
- Please give banks and lenders a few days to update their systems with the PPP extension deadline that Congress just passed this afternoon. It still needs to be signed by the President.
SHUTTERED VENUES UPDATES
As we shared earlier this month, the SBA has launched a notification system for the forthcoming Shuttered Venue Operators Grant portal, which is now scheduled to open on Thursday, April 8. You are encouraged to review the latest FAQs (released 3-22-2021), and if you think you are going to apply take these next steps immediately: