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With the rapidly approaching PPP deadline looming overhead, businesses who still haven’t applied to the Paycheck Protection Program (PPP) got some good news last week. On March 25th, the Senate passed the “PPP Extension Act of 2021” which extends the program deadline by two months. Here is what you need to know:
The New Deadline to Apply for the PPP is May 31st, 2021
The original March 31st, 2021 deadline for the program has been extended to May 31st, 2021. The SBA will have an additional 30 days after the deadline to process pending applications.
The President Will Sign the Bill into Law This Week
The bill will now be sent to President Biden who is expected to sign it into law this week.
The Extension Helps Applicants Who Are Affected by Recent Eligibility Changes
After recent changes that were announced just weeks before the previous PPP application deadline, many businesses that became eligible have been scrambling to get their applications together. This extension of the application deadline will allow businesses more time to apply and the SBA more time to process applications.
As a reminder, the changes that were enacted in February included:
Ready to Apply?
If you’re getting ready to apply, check out our PPP Application Checklist for a list of documents you need to apply, more information about eligibility guidelines, and loan forgiveness updates.
Still Have Questions?
For more information about how to apply for a PPP loan, click here or call us at (844) 284 – 2725.
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