PPP Deadline Extension is Signed Into Law

COVID-19 BannerThe Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31, 2021, when the PPP Extension Act of 2021 was signed into law this week.

The PPP Extension Act does not provide any additional funding for the current round of the PPP, which Congress provided with more than $290 billion to make forgivable loans to small businesses and not-for-profits. From the program’s opening on Jan. 11 through March 21, the SBA has approved more than 3.1 million loans totaling nearly $196 billion.

In his testimony before a Senate Small Business Committee meeting, Patrick Kelley, associate administrator for the SBA’s Office of Capital Access, said that at the current lending rate, the PPP should have enough funding to last through mid-April. He also shared that 190,000 applications were still held up due to processing challenges.

If you have any questions about PPP funding or forgiveness, please contact your HW Advisor.