Tuesday, March 30, 2021 President Joe Biden signed an extension to the Paycheck Protection Program (PPP) into effect.
Businesses and qualified non-profit entities will now be given an additional two months to apply for the loan, making the new application deadline May 31, 2021.
In addition, the Small Business Administration (SBA) has been given more time to process the applications. The SBA now has until June 30, 2021, although it is predicted that PPP funding will run out around mid-April.
For more information on what entities qualify for the PPP loans, please read Faw Casson’s article on current PPP guidelines. To apply for a PPP loan, please visit the SBA website. As always, contact your Faw Casson advisor for any assistance you may need.