Nearly one of every six small business owners report they will have to close their doors if current economic conditions do not improve over the next six months.
National Federation of INdebependent Businesses (NFIB) via The Business Report
The COVID-19 pandemic has placed a hardship on anyone over the course of the past year; however, for small businesses, especially, they’re struggling to keep their doors open. Because of this hardship, the Paycheck Protection Program (PPP) was created by the Small Business Administration (SBA) to alleviate at least some financial pressures off of these small businesses.
Last week, the US Senate passed a bill that modifies the PPP guidelines by extended the application deadline. The new proposed PPP application deadline is May 31, 2021.
The PPP Extension Act of 2021 not only extends this deadline, but also provides the SBA with an additional 30 days past May 31 to process all PPP loans. This bill is now in the hands of President Biden to sign and put into effect.
The PPP Extension Act of 2021 has additional support from the American Institute of Certified Public Accountants (AICPA), praising this extension saying that the bill will “greatly help small businesses and not-for-profits.”