PPP Extension Act of 2021 Approved
Good news for small business owners in need of more time to apply for a Paycheck Protection Program loan. The PPP Extension Act of 2021 was signed by the President today and extends the deadline to apply for a first and second draw PPP loan.
This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19 through June 30, 2021. The program was set to expire tomorrow, on March 31, 2021.
PPP Applications Due May 31, 2021
Please keep in mind that for the final 30 days of the program (from June 1 until June 30), the Small Business Administration may only process applications submitted prior to June 1.
At this time, it is unknown if the SBA will or will not accept new loan applications during the month of June. If you are interested in applying, your application should be submitted on or before May 31st.
Lender Match and Applications
To get matched to a lender, find a lender in your area, or learn more about the First Draw PPP loans, Second Draw PPP loans or the application process, please click here.
Questions?
Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.
DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
