Paycheck Protection Program Extended through May 31, 2021, Providing Small Businesses with Extra Time to Apply
On Thursday, March 25, 2021, Congress passed a bill to extend the loan application deadline for the Paycheck Protection Program (PPP). This extension comes two weeks after the American Rescue Plan (ARP) made several changes to the PPP, which we previously discussed here. The latest bill, the PPP Extension Act of 2021 (PPP Extension Act), passed the Senate on March 25, 2021, with general bipartisan support. Based on our review of the latest version of the PPP Extension Act available here, and once signed into law by President Joe Biden, the PPP Extension Act would extend 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.