Senate Passes PPP Extension Act

Yesterday, the Senate passed the PPP Extension Act of 2021, which extends the deadline for to apply for a first or second Paycheck Protection Program (PPP) loan to May 31. The Act also gives the Small Business Administration (SBA) an additional 30 days, until June 30, to process loan applications that are received by May 31. While the Act does not provide additional funding for the program, approximately $90 billion of funds remain, which should be sufficient to last through mid-April. So if you are eligible for a first or second round of PPP monies and haven’t yet applied, there is still some time but don’t delay.

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