The Small Business Administration’s “head start” Paycheck Protection Program loan application for small businesses and nonprofits with fewer than 20 employees runs through Tuesday, Mar. 9.
However, if businesses miss this deadline, they still have until Mar. 31 or till funding runs out. Banks, accountants and other groups are asking Congress to extend the PPP deadline for another 30 to 60 days, but no decision has been made yet.
The SBA’s adoption of a revised PPP funding formula will especially aid sole proprietors, independent contractors and self-employed individuals to qualify for and obtain higher loan amounts.
To qualify for PPP loans, businesses must have been in operation by Feb. 15, 2020. Borrowers can choose to use either 2019 or 2020 payroll figures in their calculations for loan amounts.
Click here to see the Journal of Accountancy’s PPP overview. Information from the SBA is available here.
