March 26, 2021

Paycheck Protection Program – Application Period Extended to May 31, 2021 – Apply Now!

The US Congress overwhelmingly approved the PPP Extension Act of 2021 which pushes back the Paycheck Protection Program (PPP) loan application deadline from March 31 to May 31. The bill now heads to President Biden for his expected signature.

In addition to having more time to complete the application for a first-draw or second-draw loan, the bill also gives the Small Business Administration (SBA) more time–now until June 30– to process loans which is necessary to tackle the existing backlog of applications.

The process to apply is still the same – even though this is an SBA-backed loan, you must work with a lender to apply.  The lender must first process your application and come to an internal approval decision before passing your application along to the SBA for their final approval.

If you have not yet applied and think you are eligible for a First or Second Draw PPP loan do so as soon as possible! Eligibility details can be found on the SBA’s PPP site here but remember you must apply through a lender, not the SBA directly.

If you need assistance, connections to a lender, or have further questions please contact Natalie Vichnevsky.