Paycheck Protection Program Loan Application Period Extended To May 31, 2021

On March 30, 2021, the President signed the Paycheck Protection Program Extension Act of 2021 (Act).  This Act extends the deadline for businesses and independent contractors to submit applications for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) Loans from March 31, 2021, to May 31, 2021.  The Act also provides SBA an additional 30 days to finish processing applications received by May 31, 2021.  The Act does not provide any additional funding to the current round of PPP loans, but there is approximately $80 billion to $90 billion in allocated funds remaining in the SBA’s PPP Loan program.  Businesses may now submit applications to obtain a PPP Loan through May 31, 2021.  The Act did not modify any other PPP Loan program terms or loan forgiveness conditions.