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PPP Extension Act of 2021 Approved

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Good news for small business owners in need of more time to apply for a Paycheck Protection Program loan. The PPP Extension Act of 2021 was signed by the President today and extends the deadline to apply for a first and second draw PPP loan.

This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19 through June 30, 2021. The program was set to expire tomorrow, on March 31, 2021.

PPP Applications Due May 31, 2021

Please keep in mind that for the final 30 days of the program (from June 1 until June 30), the Small Business Administration may only process applications submitted prior to June 1.

At this time, it is unknown if the SBA will or will not accept new loan applications during the month of June. If you are interested in applying, your application should be submitted on or before May 31st.

Lender Match and Applications

To get matched to a lender, find a lender in your area, or learn more about the First Draw PPP loans, Second Draw PPP loans or the application process, please click here.

Questions?

Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

SBA Announces New PPP Rules

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SBA Announces New Calculation and Eligibility Rules for PPP

The SBA released an Interim Final Rule (IFR) regarding temporary changes related to loan amount calculations and eligibility of loans made through the Paycheck Protection Program (PPP).

The 32-page IFR provides self-employed individuals with the ability to calculate their maximum loan amount using gross income instead of net profit, specifically those individuals who file Form 1040, Schedule C, Profit or Loss from Business.

In the IFR, which is titled “Business Loan Program Temporary Changes; Paycheck Protection Program — Revisions to Loan Amount Calculation and Eligibility,” provides revisions to the maximum loan calculations for sole proprietors who file Schedule C returns.

Keep in mind that the change is not retroactive. The SBA and Treasury have ruled that borrowers whose PPP loans already have been approved cannot increase their loan amount based on the new methodology.

Loan Calculation Instructions for Schedule C Filers

Instructions for maximum loan calculations for Schedule C filers with and without employees is detailed in this IFR. 

Updated Borrower Application Forms

The first-draw and second-draw application forms for borrowers filing for the Paycheck Protection Program were revised on March 3, 2021.

For new borrowers who file Schedule C using gross income, a new first-draw form and second-draw form were released. 

Deadline To Apply

If you are in the process of completing an application for a PPP loan, be aware of application deadlines.

Small businesses and non-profits with fewer than 20 employees and sole proprietors can apply for Second Draw PPP loans from February 24th through March 9, 2021. The program will be open to all eligible entities, from March 10th through March 31, 2021.

To read the updated FAQs from the SBA, please visit the SBA website.

Questions?

Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

SBA Releases New FAQs Regarding PPP Loan Forgiveness

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Today, the SBA released a new set of FAQs pertaining to the Paycheck Protection Program (PPP). This additional guidance is designed to address borrower and lender questions concerning forgiveness of PPP loans.

To read the entire list of FAQs is no longer available (updated 07/16/2025).

As always, if you have questions about this or other topics, please know we are available to speak by phone at 215-675-8364.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney


PPP Extension Act of 2021 Approved

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Good news for small business owners in need of more time to apply for a Paycheck Protection Program loan. The PPP Extension Act of 2021 was signed by the President today and extends the deadline to apply for a first and second draw PPP loan.

This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19 through June 30, 2021. The program was set to expire tomorrow, on March 31, 2021.

PPP Applications Due May 31, 2021

Please keep in mind that for the final 30 days of the program (from June 1 until June 30), the Small Business Administration may only process applications submitted prior to June 1.

At this time, it is unknown if the SBA will or will not accept new loan applications during the month of June. If you are interested in applying, your application should be submitted on or before May 31st.

Lender Match and Applications

To get matched to a lender, find a lender in your area, or learn more about the First Draw PPP loans, Second Draw PPP loans or the application process, please click here.

Questions?

Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

SBA Announces New PPP Rules

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SBA Announces New Calculation and Eligibility Rules for PPP

The SBA released an Interim Final Rule (IFR) regarding temporary changes related to loan amount calculations and eligibility of loans made through the Paycheck Protection Program (PPP).

The 32-page IFR provides self-employed individuals with the ability to calculate their maximum loan amount using gross income instead of net profit, specifically those individuals who file Form 1040, Schedule C, Profit or Loss from Business.

In the IFR, which is titled “Business Loan Program Temporary Changes; Paycheck Protection Program — Revisions to Loan Amount Calculation and Eligibility,” provides revisions to the maximum loan calculations for sole proprietors who file Schedule C returns.

Keep in mind that the change is not retroactive. The SBA and Treasury have ruled that borrowers whose PPP loans already have been approved cannot increase their loan amount based on the new methodology.

Loan Calculation Instructions for Schedule C Filers

Instructions for maximum loan calculations for Schedule C filers with and without employees is detailed in this IFR. 

Updated Borrower Application Forms

The first-draw and second-draw application forms for borrowers filing for the Paycheck Protection Program were revised on March 3, 2021.

For new borrowers who file Schedule C using gross income, a new first-draw form and second-draw form were released. 

Deadline To Apply

If you are in the process of completing an application for a PPP loan, be aware of application deadlines.

Small businesses and non-profits with fewer than 20 employees and sole proprietors can apply for Second Draw PPP loans from February 24th through March 9, 2021. The program will be open to all eligible entities, from March 10th through March 31, 2021.

To read the updated FAQs from the SBA, please visit the SBA website.

Questions?

Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

SBA Releases New FAQs Regarding PPP Loan Forgiveness

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Today, the SBA released a new set of FAQs pertaining to the Paycheck Protection Program (PPP). This additional guidance is designed to address borrower and lender questions concerning forgiveness of PPP loans.

To read the entire list of FAQs is no longer available (updated 07/16/2025).

As always, if you have questions about this or other topics, please know we are available to speak by phone at 215-675-8364.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney


SBA Releases Details for Approved PPP Loans and EIDL

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As we wait to learn the fate of the second stimulus bill, the SBA posted details of the Paycheck Protection Program loans that were approved for under $150,000 by State, and also a list of approved loans over $150,000 by State. The data includes bank/lender names. We are pleased to see our clients and familiar banks on these lists. It has been a very busy and uncertain time for businesses throughout our country.

In addition, the SBA released an update on the status of Economic Injury Disaster Loan (EIDL) nationwide.

For a complete review of the PPP loans and EIDL to date, visit one of the links below.

Paycheck Protection Program Loans under $150,000 by State: click here.

Paycheck Protection Program Loans over $150,000 by State: no longer available online. 

Disaster Assistance Update: Nationwide EIDL Loans, July 3, 2020: no longer available online.

As always, if you have questions about this or other topics, please know we are available to speak by phone at 215-675-8364.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney


SBA Releases a New Interim Final Rule Today – June 23, 2020

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Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule

 

Since the PPP Flexibility Act was signed into law on June 5th by the POTUS, the SBA has been issuing revisions to previously issued Interim Final Rules (IFR) to provide borrowers with the most up-to-date guidance on the PPP loan and PPP loan forgiveness program.

Today, the SBA released a new IFR:  Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule.  This new IFR deals specifically with loan forgiveness issues and demonstrates the SBAs efforts to provide clarity in areas where borrowers had concerns.

Wouch Maloney has reviewed the new IFR and has highlighted the most pertinent revisions impacting loan forgiveness below:

  • Borrowers may submit a loan forgiveness application before the end of the covered period if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness.
  • Borrowers applying for loan forgiveness before the end of the covered period that have reduced employee’s salaries or wages in excess of 25% must account for the excess salary reduction for the full 8-weeks or 24-weeks. Borrowers do not get to pro-rate the 25% forgiveness reduction if the full 8-week or 24-week periods are not needed to spend the funds.
  • The IFR is silent concerning the requirement to maintain FTE levels for the full 8-week or 24-week period for purposes of the FTE forgiveness reduction. Therefore, this would imply that borrowers need not worry about maintaining FTE levels once all PPP monies have been spent since the authors have only provided a penalty for the 25% forgiveness reduction category.

WM Wisdom:  This is welcome news for borrowers who will require more than 8-weeks but less than 24-weeks to spend PPP proceeds.  If a borrower has not reduced the salary or wage levels of their employees and have satisfied the FTE testing periods or safe harbors; they will be able to submit an early PPP Loan Forgiveness Application.

  • The IFR clarifies that non-payroll costs are eligible for loan forgiveness if they are paid during the covered period; or incurred during the covered period and paid before the next regular billing date even if the billing date is after the covered period.

WM Wisdom:  The IFR is silent about the potential to prepay non-payroll costs such as rent during the covered period.  However, the SBA indicates that a simplified approach to the calculation of forgivable non-payroll costs is supported by the law and the increase to a 40% cap will help to avoid excessive inclusion of these costs.

  • The IFR clarifies the cash compensation cap for owners of various entity structures (not to exceed $15,385 for 8-weeks or $20,833 for 24-weeks) includes the following types of compensation
    • C-Corporation: only cash compensation
    • S-Corporation: cash compensation and health payments
    • General Partner: cash compensation, health and retirement payments
    • Sole Proprietor/Schedule C/F Filer: cash compensation, health and retirement payments

 WM Wisdom:  Unfortunately, owner-employees of different legal entity types are not being treated on the same level playing field.

  • The IFR clarifies the various FTE forgiveness reduction safe harbors including providing additional details for borrowers who are unable to return to the pre-COVID level of business due to compliance requirements set forth by HHS, the CDC and OSHA. Borrowers who can certify that their reduction in business activity has been directly or indirectly impacted by these COVID compliance requirements (including complying with state shut-down orders during their covered period), will not face an FTE forgiveness reduction.

WM Wisdom:  The IFR FTE reduction clarification is a game changer for most borrowers.  The example provided by the SBA describes a borrower who was deemed a non-essential retail business by their local government that was required to shut-down their store as a result of COVID-19 CDC guidance issued in March 2020.  To the extent the borrower can demonstrate that their business activity was reduced during the covered period due to a government shutdown, they will not face an FTE reduction to their loan forgiveness.  For example, it would appear that a construction company deemed non-essential at any point during the covered period could satisfy this safe harbor and NOT face a forgiveness reduction since they likely were unable to perform services.

 

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney

Two New Interim Final Rules Released by SBA on PPP

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Happy Memorial Day Weekend. While this is not the way most of us are accustomed to celebrating the unofficial start to summer, we find ourselves reading two new Interim Final Rules published by the Small Business Administration (SBA).

Both IFRs became effective May 22, 2020. The first provides additional clarification regarding requirements for the Paycheck Protection Program (PPP) loan forgiveness. This document is intended to supplement the loan instructions with more regulations.

The second update involves Business Loan Program Temporary Changes. This IFR is designed to describe the SBA procedures for reviewing program applications.

Our team will review and analyze the updates in order to provide you with further commentary and our WM wisdom.

To read the most up-to-date SBA Interim Final Rule guidance, we have included a link below.

https://www.sba.gov/document/support–ppp-interim-final-rule-requirements-loan-forgiveness

DISCLAIMER:  The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties,expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney

Paycheck Protection Program Loan Forgiveness Application Released by SBA and Treasury

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After much anticipation, the SBA and US Treasury announced the release of the application form and instructions detailing how to complete the Paycheck Protection Program Loan Forgiveness Application.

The instructions provide flexibility for determining pay periods for biweekly and more frequent payrolls and clarified how the forgiveness calculations will work. Our team will continue to monitor this situation as it applies to our clients.

Click here for the application instructions and form.

To read the entire press release from the US Treasury, click here.

 

 

 

 

 

DISCLAIMER:  The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney

SBA Publishes Report on Second Round of Paycheck Protection Program Loan Approvals

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The Small Business Administration published a report on the second round of approved loans, by state, through the Paycheck Protection Program (PPP). The report is for the period between April 27th through May 1st, 2020. Unfortunately, the SBA did not include a breakdown by industry, as it did in their report through April 16, 2020, for the first round of PPP.

What we did find of interest is the average loan size decreased significantly during the second round. The average approved loan was $79,000 compared to $206,000 in the first round. The second round also shows a significant portion of approved dollars were for loans under $150,000. During the week of April 27 through May 1, 2020, 1,993,002 loans under $150K were approved compared to 1,229,903 in the first round.

Another item we found of interest is in the first round, over 70% of the loans were under $2M. In the second round, 84% of the loans were under $2M.

To read the complete report for Round 2 of the Paycheck Protection Program by state, loan size and lender, click here.

DISCLAIMER:  The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney

SBA Publishes Report on Paycheck Protection Program Loan Approvals

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It’s been a whirlwind week. Payroll Protection Program Loans are getting finalized and the traditional Tax Day came and went. We have new projects to focus on: the July 15th deadline and PPP Loan compliance. We will also have a focus on assisting businesses with cash flow management and budgeting in the challenging times ahead.

We know the importance of being proactive. Don’t wait. Plan now. Businesses that are prepared have a better chance at success. Whatever type of challenge your business is facing, we can help.

In other news, the Small Business Administration has published reports on approved loans, by industry and state, through the Paycheck Protection Program. The most recent report was published on April 16th at 12 noon.

Construction Industry Receives Most Loan Dollars from PPP

We were pleased to see the loans broken down by industry. At the top of the list is Construction with the highest overall % of loan dollars by sector at $44,906,538,010. Professional, Scientific, and Technical Services followed at $43,294,713,938 in loan dollars and finishing out the top three is Manufacturing with $40,922, 240,021. Our expertise has always focused on these industries and we look forward to assisting with loan compliance for our clients.

Another take away from this report is that more than 55% of loans are under $1M and over $70% of the loans are under $2M. This is a very good sign for small businesses in America.

DISCLAIMER:  The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Additional Articles by Wouch Maloney

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