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Paycheck Protection Program Extended

The Paycheck Protection Program has been extended to June 30, 2021.  The American Rescue Plan provided an additional $7.25 billion in funding to the program.  The PPP Extension Act of 2021 takes it a step farther, extending the application deadline to May 31, 2021. The Small Business Administration (SBA) has until June 30, 2021 to process applications.

The bill passed quickly in the House and Senate last month and was signed into law on March 30, 2021 by President Biden.

Businesses that are considering their first or second PPP Loan should start the application process sooner than later to assure funds will be available. PPP loans are first-come, first-serve.

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