On March 30, 2021, President Biden signed legislation to extend the application deadline for the Paycheck Protection Program (PPP) from March 31, 2021 to May 31, 2021.
The PPP Extension Act of 2021 was approved almost unanimously in both the House and the Senate after nearly 100 business groups endorsed the legislation. Advocates argued that the extension would provide the SBA more time to resolve its processing delays as well as issue much-needed guidance to address lingering questions about the program.
The Act not only extends the filing deadline for PPP applications by 60 days, but it also provides the SBA until June 30 to finish processing applications received by May 31.
In a statement, Senator Ben Cardin noted, “This common sense, bipartisan bill will meet the continued demand for PPP loans by giving small businesses two more months to apply and giving the SBA an additional month to process the loan applications by June 30.”
As always, if you have any questions or would like assistance as you navigate the PPP loan process, please contact your Kreischer Miller relationship professional or any member of our team. For additional news and resources, visit our COVID-19 Resource Center here.
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