President Extends PPP Application Deadline to May 31st 2021March 30, 2021
PPP Borrowers, you’ll want to read up on new legislation that extends the PPP application deadline.
The Paycheck Protection Program (PPP) application period has been extended through May 31, 2021 (formerly set to expire March 31, 2021). Here’s what you should know.
What is the PPP?
The Coronavirus Aid, Relief and Economic Security Act, introduced in 2020, created the Paycheck Protection Program (PPP) loan program for businesses impacted by COVID-19. The 100% federally guaranteed loans provided by the Small Business Administration (SBA) are used to offset payroll and other non-payroll costs. Check out our PPP Headquarters where you’ll find all updated information on the PPP.
What was the original deadline?
In late 2020, the Consolidated Appropriations Act (CAA) provided additional PPP funding and extended the deadline to apply to March 31, 2021.
The recent package, The American Rescue Plan Act, enacted on March 11, 2021 provides another $7.25 billion in PPP funding, but did not extend the deadline.
On March 30th, President Biden announced that new loan applications can be submitted through May 31, 2021. Make note that the SBA won’t accept new lender applications between June 1, 2021 and June 30, 2021 and will only process applications received prior to June 1, 2021.
Do you have questions about applying for a PPP loan? We can help.