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In good news for the country’s small businesses, this afternoon the Senate passed (by a vote of 92 to 7) the PPP Extension Act of 2021 (H.R. 1799) – which will extend the time for businesses to apply for, and the Small Business Administration (SBA) to grant, Paycheck Protection Program (PPP) loans.

 

While the latest COVID relief package signed into law by President Biden on March 11 included an additional $7.2 billion for PPP loans and opened the program up to additional tax-exempt entities and online news organizations, the SBA was still facing a looming March 31, 2021 deadline for approving PPP loans.

 

The PPP Extension Act of 2021 extends the deadlines and provides businesses until May 31, 2021 to apply for a first or second PPP loan and allows the SBA until June 30 to review and approve loan applications submitted before June 1.

 

The PPP Extension Act of 2021 was already passed in the House on March 16, 2021 and President Biden is now expected to sign it into law.  The passage of this legislation is a welcome development that the SBLC actively supported. We continue to encourage all small businesses to take full advantage of the PPP program and other relief programs, including the Employee Retention Tax Credit (ERTC) if they have not done so already.

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