President Biden has signed into effect the PPP Extension Act of 2021. This new Act extends the deadline to file the Paycheck Protection Program (PPP) application from March 31, 2021 to May 31, 2021. The extension also gives the Small Business Administration (SBA) an additional 30 days, through June 30, 2021, to complete its processing of applications. The SBA currently has an application processing backlog due to factors such as coding errors and the many changes and revisions to the formula used to calculate certain sole-proprietor applicant’s loan amounts. The Act provides no additional funding to the program.
If you have questions about this development and how it might impact your organization or application, please contact Johnson & Bell Shareholder, Mark D. Belongia.