President Signs PPP Extension Act
We wanted to let everyone know that as of today (3/30/2021), President Biden has signed the PPP Extension Act into law. The legislation will extend the deadline for the Paycheck Protection Program (PPP) applications to be accepted until 5/31/2021. The deadline for the SBA to approve the applications will now be 6/31/2021. This tiered approach is meant to allow the borrowers, lenders, and the SBA much needed time to address any potential issues with the submitted PPP applications.
There’s still time to apply for the second round of PPP loans. As a reminder, if you already had a PPP loan in the first round, we highly recommend that you connect with your original PPP lender first to see if they can help you with another loan. If they’re not able to assist, have lending partners that can step in to help.