Posted by Michael D. Kelly, CPA
PPP Extension Act of 2021
On March 30, President Biden signed into law the PPP Extension Act of 2021. The Paycheck Protection Program, which was scheduled to expire on March 31, 2021, has been extended through June 30, 2021 through this bill. The full legislative text can be reviewed here: H.R. 1799 – PPP Extension Act of 2021. The PPP Extension Act extends the PPP through May 31, 2021, giving applicants an additional two months to apply for a first or second draw PPP loan. The bill also provides that the Small Business Administration would have until June 30, 2021 to process lender applications.
IRA and HSA Contribution Extension
The IRS is automatically extending the timeframe for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs) from April 15 to May 17, 2021.
Gift Tax Returns and First Quarter Estimates have NOT been Extended
The deadlines for 2021 first quarter estimated tax payments and 2020 gift tax returns have not been extended and are still due on April 15, 2021.
Please visit our COVID-19 Resource Center for past updates and additional information. Don’t hesitate to contact your BLS Team Member via our contact form to see how these changes affect you or your organization.