Congress Passes Extension of Paycheck Protection Program
Congress has passed the PPP Extension Act of 2021, a 60-day extension of the U.S. Small Business Administration’s (SBA) Payment Protection Program (PPP), which was set to expire on March 31. The bill will be sent to President Joe Biden shortly, who is expected to sign the extension before the expiration of the program.
The bill pushes back the application deadline for borrowers until May 31. The bill also allows 30 additional days for the SBA to finish processing applications received by the May 31 deadline.
The extension passed by Congress does not provide any additional funding for the current round of the program. Refer to the attached bulletin for details.