U.S. Senate Approves Paycheck Protection Program (PPP) Extension
In good news for the country’s small businesses, Congress passed the PPP Extension Act of 2021 – which will extend the time for businesses to apply for, and the Small Business Administration (SBA) to grant, Paycheck Protection Program (PPP) loans.
The President is expected to sign the bill into law.
While the latest COVID relief package signed into law by President Biden on March 11 included an additional $7.2 billion for PPP loans and opened the program up to additional tax-exempt entities and online news organizations, the SBA was still facing a looming March 31, 2021 deadline for approving PPP loans.
The PPP Extension Act of 2021 extends the deadlines and provides businesses until May 31, 2021 to apply for a first or second PPP loan and allows the SBA until June 30 to review and approve loan applications submitted before June 1.