PPP Extension Act: 60 More Days to Apply, 30 More Days to Process

Impact for Businesses and Lenders

On Tuesday, March 30, President Joe Biden signed the extension of the Paycheck Protection Program (PPP) into law. The added time for the program consists of two parts. Businesses now have until May 31 to apply for loans (the deadline was previously March 31). The extension also gives the Small Business Administration (SBA) until June 30 to process applications.

The AICPA has praised the passage of the extension, saying that it will help small businesses and not-for-profits. It will also help CPAs who are helping these businesses by giving them more time to complete and file applications during such a busy time of year.

Funding Not Included

It is important to note that this extension does not provide additional funding for the current round of PPP, and Patrick Kelley, the associate administrator for the SBA’s Office of Capital Access, has said that at the current lending rate, the PPP funds will last through mid-April.

 

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Business Owners, From The Doty Group, NonprofitsAidan HeltPaycheck Protection Program, AICPA, Small Business Administration, PPP Extension Act of 2021Comment