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On March 30, 2021, President Biden signed HR 1799—the PPP Extension Act of 2021. This bill extends the timeframe to apply for PPP Round 1 and PPP Round 2 loans from the original deadline of March 31 to May 31, 2021. Lenders have until June 30, 2021 to approve loans. However, applications need to be submitted to approved lenders by May 31, 2021.

If you are a Schedule C small business owner who had not applied yet for a PPP loan, this is a terrific time to do so. The new rules allow you to calculate your loan amount based on gross revenue instead of the prior net income rules.