On the eve of the deadline, President Biden signed the Paycheck Protection Program (PPP) Extension Act of 2021. The deadline for loan applications for forgivable loans under the Paycheck Protection Program was initially set to expire on March 31, 2021. The extension provides an additional two months for borrowers to apply for first and second round PPP loans (up through May 31, 2021). The new law also gives the Small Business Administration an additional 30 days (until June 30) to authorize any loans applied for by May 31st.
As of early March, almost 80% of PPP loans in 2021 have been $50,000 and less.
Reach out to our team at MWB on any questions you may have on applying for a PPP loan, forgiveness applications or any other impact you are seeing to you or your business during this time.