Small businesses will have more time to apply for a Paycheck Protection Program (PPP) loan thanks to swift action from Congress and the Biden administration ahead of the application deadline. President Biden signed the PPP Extension Act into law yesterday, providing an additional two-month window for loan applications. The new deadline is now May 31, and the Small Business Administration (SBA) will have until June 30 to process pending applications.
If you have never had a PPP loan it is not too late. Contact your local lender and make application. If you have had a PPP loan your may qualify for a second draw. Also contact your lender.
If you pay franchise tax, a bill is working its way through the Texas Legislature not to count the forgiven loan amount as income for franchise tax. It passed the House today and is headed for the Senate where it is expected to pass.