by Megan Roberts, Extension educator, and C. Robert Holcomb, EA, Extension educator Please note this was published on April 7 and is only current to that date. Information may be dated. The Consolidated Appropriations Act (CAA), 2021 , passed December 27, 2020, updated the rules and processes for the Paycheck Protection Program (PPP) . Since that law's passage in late December, the Treasury Department, Internal Revenue Service, and Small Business Administration have issued further guidance of the programs. Furthermore in late March, the president signed The PPP Extension Act of 2021 , extending the deadline to apply for PPP 1 and 2 from March 30 until May 31. Approximately $73 billion in PPP funding remained unspent at the end of March, according to SBA data . This post highlights some of the PPP changes for 2021. In general, PPP is an SBA-backed loan, issued by local lenders, to assist small businesses in replacing 2.5 months of payroll costs or replace owners compensat
