Did the Senate Extend the Small Business Paycheck Protection Program?

Small businesses across the United States have been hit extremely hard since the COVID-19 pandemic started to sweep the country. Some businesses have found a way to survive and even excel during these difficult times; however, others have seen costly disruptions — and some have even been forced to shut down completely. 

With small businesses everywhere looking for relief, the federal government has sent a large amount of support their way. Thanks to the U.S. Small Business Administration, the Small Business Coronavirus Relief Program can give you access to a variety of programs, loans, and debt relief. 

What Is the Paycheck Protection Program?

The Paycheck Protection Program has been a huge support for many small businesses during the pandemic. So much so that the Senate recently approved to extend the deadline to qualify for the program until August 8th, giving small businesses extra time to apply.

When the program was initially signed into existence, there was $349 billion worth of funds available for small businesses. While that amount ran out rather quickly, an extra $310 billion was added in late-April to keep the program available. Of that amount, $60 billion was designated for businesses that were denied the first time around. 

There was another update made, called the PPP Flexibility Act, which made it more available to small businesses that weren’t able to apply originally. Now, although the original deadline has passed, the Senate made another update to the Paycheck Protection Program and extended the deadline for another month. 

For small businesses that didn’t have enough time to apply or put it off until it was too late, you now have until August 8th to sign up for the Paycheck Protection Program. 

Does Your Small Business Qualify?

One of the main reasons some small businesses failed to apply for the Paycheck Protection Program is because they were either misguided or didn’t know whether they qualified or not. Much like anything else, we often hide from what’s unknown and neglect what’s out there to help us out of fear. 

The good news is your small business is most likely eligible. In fact, any of the following with 500 employees or less can qualify: small businesses, S corporations, C corporations, LLCs, private nonprofits, faith-based organizations, tribal groups and veteran groups.

Do You Need Any Assistance?

While you could do this all yourself, many business owners will become frustrated with the process and might even give up before fully applying. 

This could all be saved with the help of a certified public accountant. Not only will they let you know whether or not you qualify, but they can also help you properly apply and fill out the necessary forms. 

A certified public accountant is your best friend in times like this. No one will know your company’s financial situation better and they’ll be able to give you advice and guidance that you can trust. 

Keep in mind, your certified public accountant is an extension of your business. They want you to succeed just as much as you want to.

References

“Senate Extends Small Business Coronavirus Relief Program.” CNBC, CNBC, 1 July 2020, www.cnbc.com/2020/07/01/senate-extends-small-business-coronavirus-relief-program.html.

Taylor, Andrew. “Senate Extends Small Business Coronavirus Relief Program.” Time, Time, 1 July 2020, time.com/5862082/small-business-loan-extended-coronavirus-senate/.