Deadline for PPP extended, tax filing deadline not extended

Business owners will have a few more weeks to apply for small business loans through the Paycheck Protection Program.

The U.S. House passed a bill late Wednesday to extend the deadline to apply for the forgivable small business loans, approving legislation that was passed by the Senate earlier. The bill is expected to be signed by President Trump this week.

The legislation pushes the deadline to request PPP loans to August 8. The previous deadline was June 30.

Congress created the program as part of a $2 trillion pandemic rescue package in March. There are about $130 billion in funds remaining to be distributed. More than 4.8 million small business owners have utilized the program so far.

Congress first allotted $349 billion for the PPP, but that money was distributed quickly. It then injected another $310 billion into the program, with $60 billion set aside for small lenders.

Congress expects to consider another coronavirus relief plan later this month. Among a range of other proposals, lawmakers will decide whether to approve more small business aid.

No further extension of tax filing deadline

The tax filing and payment deadline of July 15 will not be extended, according to the IRS and Department of Treasury.

The deadline had been extended to July 15 from April 15 because of economic conditions brought on by the coronavirus pandemic. Taxpayers can still request an extension of time to file until October 15.

For taxpayers facing hardships and cannot pay taxes in full, the IRS has options available. To avoid interest and penalties, taxpayers are encouraged to pay as much as possible and then consider payment options for the remainder.

Deadlines and filing regulations have shifted several times during this tax season. To see how the deadlines will affect you or your business, reach out to a KraftCPAs advisor.

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