The Senate approved the PPP Extension Act of 2021, which pushes back the Paycheck Protection Program loan application deadline from March 31 to May 31, reports Forbes. In addition to extending the deadline, the bill gives the SBA until June 30 to process loans, a move that some say was needed to deal with the existing backlog of applications.
“By providing small businesses with two more months to apply and giving the SBA an additional month to process applications, we will help ensure critical support isn’t cut off,” said House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) in a statement.
“We’re thrilled that legislators were able to come to an agreement on extending PPP. There are plenty of borrowers still queued up for PPP loans, and the majority are sole props and independent contractors,” said Alex Cohen, CEO of Liberty SBF, a participating lender in the PPP. “The extension also gives us more time to work out holds and error codes we’ve experienced due to the recent influx of applications.” Full Story
Related: House Small Business Committee Agrees on PPP Extension; Congress Gives Final Approval on Relief Package.