Paycheck Protection Program Extended Through Q2 2021

Paycheck Protection Program Extended Through Q2 2021

On March 8, the Federal Reserve announced it is extending its application deadline for Paycheck Protection Program (PPP) loans until June 30, 2021. The announcement that the loan facility that supports the PPP would run through June comes at the end of the temporary restrictions on PPP loan applications. Designed by the Biden administration to give priority access to small businesses, the limitation spanned Wednesday, Feb. 24 through Tuesday, March 9, 2021. During that window, the Small Business Administration was only accepting PPP loan applications from businesses with less than 20 employees.

Next Steps for the PPP

Changes to the application window are most impactful for organizations considering First-Draw and Second-Draw PPP loans. The year-end Consolidated Appropriations Act, 2021 (the Act) made several modifications to the potentially forgivable loans designed to help employers experiencing declines in revenues because of the COVID-19 pandemic keep their headcount levels. For more information about these changes, see our earlier article here.

Fact Sheets

An updated Term Sheet for the Paycheck Protection Program Liquidity Facility can be found here. Other resources are below:

For More Information

If you have any questions or concerns about the latest developments with the PPP, please reach out to a member of our COVID-19 Loan & Capital Assistance team.


Copyright © 2021, CBIZ, Inc. All rights reserved. Contents of this publication may not be reproduced without the express written consent of CBIZ. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).


© Copyright CBIZ, Inc. All rights reserved. Use of the material contained herein without the express written consent of the firms is prohibited by law. This publication is distributed with the understanding that CBIZ is not rendering legal, accounting or other professional advice. The reader is advised to contact a tax professional prior to taking any action based upon this information. CBIZ assumes no liability whatsoever in connection with the use of this information and assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein. Material contained in this publication is informational and promotional in nature and not intended to be specific financial, tax or consulting advice. Readers are advised to seek professional consultation regarding circumstances affecting their organization. 

“CBIZ” is the brand name under which CBIZ CPAs P.C. and CBIZ, Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.

Paycheck Protection Program Extended Through Q2 2021https://www.cbiz.com/Portals/0/Images/PPP-Q2-CBIZ.jpg?ver=2021-03-09-133714-890Organizations now have until June 30, 2021 to apply for the Paycheck Protection Program.2021-03-09T18:00:00-05:00

Organizations now have until June 30, 2021 to apply for the Paycheck Protection Program.

Planning & Tax MinimizationCredit Risk ServicesAccelerated RecoveryNo