Government Money Matters
Deadlines for PPP applications and IRS filings both delayed
The federal government has injected more breathing room into the financial calendar in two key areas:
The Senate approved, and President Joe Biden has signed into law, the PPP Extension Act: The second round of the popular PPP relief program was set to expire March 31, but now will expire May 31. As part of the recently passed 1.9 trillion American Rescue Plan, $7.25 billion was added to the overall PPP fund, as detailed here by SFBW.
In other good news, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.