Good news. The PPP Extension Act of 2021 makes Paycheck Protection Program (PPP) monies available until the earlier of
May 31, 2021, or
when the money runs out.
According to testimony before the Senate, the money could run out as early as mid-April. That’s just a few weeks from today.
If you are looking for first- or second-draw PPP money, make sure to saddle up on that horse now. Don’t wait.
Also, make sure that your application is correct. The Small Business Administration (SBA) has rejected piles of applications because of faulty filing.
In the remaining sections of this article, we will explain
how much money you can get based on your entity type (such as proprietorship or S corporation), and
how much money you can get because of your employees.
And remember, as we reported last month in Breaking News: New PPP for the Self-Employed and Small Businesses, Schedule C businesses can now use gross income to obtain more PPP monies than they could before, when they had to use net income.
Form 1040, Schedule C Businesses
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