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U.S. Senate passes PPP Extension Act of 2021

Written on Mar 26, 2021

The U.S. Senate voted Thursday to move the Paycheck Protection Program application deadline from March 31 to May 31.  

The final vote to approve the PPP Extension Act of 2021, H.R. 1799, was 92–7. This will not provide any additional funding for the current round of the PPP. The additional time will allow small businesses and non-profits more time to complete and file PPP loan applications. The Extension Act also gives the SBA an additional 30 days beyond May 31 to process those loans. 

The Internal Revenue Service announced that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. Read more here.