U.S. Senate Passes PPP Extension to May 31
The U.S. Senate passed the PPP Extension Act of 2021 today in a vote of 92-7. This legislation extends the deadline for eligible businesses to submit applications for first or second-draw loans to their lender of choice to May 31, 2021. The program was originally slated to expire March 31.
Additionally, the legislation gives the Small Business Administration (SBA) until June 31 to process any outstanding applications for loans. This legislation is estimated to help nearly 200,000 small businesses across the United States receive loans which they may otherwise have run out of time or money for.
For more information about PPP loan eligibility, visit the SBA website here.