Congress Extends PPP Deadline, But Loans Expected To Go Fast
On March 25, the U.S. Senate passed H.R. 1799, the Paycheck Protection Program (PPP) Extension Act, which extends the application deadline for the U.S. Small Business Administration’s (SBA) PPP from March 31, 2021 to May 31, 2021. The U.S. House passed the same legislation a week earlier.
The Senate vote was overwhelmingly bipartisan—92 to 7—showing continued strong support for this program. President Joe Biden is expected to sign the legislation within the next few days.
Businesses have been encouraged to act quickly if they are interested in the loan program. That is because the SBA’s most recent report on the PPP indicates that there are nearly 190,000 pending PPP applications and only approximately $70 billion remaining for the program. Indeed, the SBA expects that funds for this latest round of the PPP will be exhausted by mid-April 2021.
Last week, the SBA also released new applications for the program. Those resources can be found here.
Questions about how to apply for or use this program? The U.S. Chamber of Commerce has an exhaustive set of resources for all businesses. Find that information here.