The U.S. Senate has passed the PPP Extension Act of 2021, extending the Paycheck Protection Program (PPP) application period through May 31, 2021 – an additional two months beyond what had been the looming March 31 deadline. The bill’s passage gives small businesses a larger window for filing PPP loan applications and provides breathing room for businesses that have continued to struggle – but now it must be signed by the president.
The legislation extends the deadline from March 31, 2021 – just days away – for an additional two months to May 31, 2021, giving the hardest-hit small businesses more time to apply for loans that have helped them keep going through the hardest of times.
The bill extends the PPP program through June 1, 2021.
The Small Business Administration (SBA) will continue processing PPP loan applications through June, but will not accept applications after May 31, 2021.
The PPP Extension Act now heads to the desk of President Joe Biden for his signature.
We’ll keep you posted about the legislation’s status and what it means for your business or organization.
Any time you have a question or would like assistance navigating the pandemic relief legislation and what it means for you, we’re here to h help. Contact us.