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This is most likely the last opportunity to get money from the Paycheck Protection Program (PPP).
A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out. Take note of the expression “when the money runs out,” and be aware that this could happen in a matter of weeks. So, do not procrastinate—not even for one day.
If you qualify for the first-draw PPP money, complete your application now. Be sure you don’t miss your chance to take advantage of this rare opportunity.
The capital will run out quickly, and the PPP will follow suit. The new round of the PPP legislative session ends on May 31. The clock continues to tick.
Do You Qualify?
You qualify for the PPP if any of the following are true:
- You file your taxes on Schedule C of your tax return. Businesses that file on Schedule C include independent contractors, single-member LLCs, proprietorships, and statutory employees, such as life insurance salespeople.
- You file your taxes on Schedule F (ranchers and farmers).
- You are a general partner in a partnership, but the partnership asks for and receives the money based on your and the other partners’ combined self-employment incomes, as adjusted.
- You operate as an S corporation.
- You operate as a C corporation.
- You are the only worker in the business.
- You have employees whom you pay on a W-2
If you qualify, you want the PPP. It’s a much-needed, tax-free cash infusion. It’s called a loan, but it’s not. You have to repay loans. The PPP is forgiven and does not need to compensate.
Plus, expenses paid with this forgiven PPP loan are tax-deductible.
For more specialized tips tailored to you about how to take advantage of this opportunity and more, contact us at Palma Financial. With over 20 years of experience, we have the knowledge and expertise to guide you in all parts of your financial journey. Contact us by phone or online or schedule your initial consultation here. We look forward to serving you!