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This past Tuesday, March 30, 2021, President Biden signed an extension for the popular Paycheck Protection Program (PPP), which officially extended the deadline from today, March 31, 2021, to May 31, 2021.

What Does This Mean?

If you haven't applied for—or haven't decided if a PPP loan is right for you—you have until May 31, 2021, to decide and apply for a loan.

If your loan is not approved by May 31, 2021, don't worry. PPP loans will be reviewed for another 30 days after May 31, 2021, as long as the loan application was submitted before the new deadline, May 31, 2021. (From June 1, 2021, through June 30, 2021, the SBA shall not accept new lender applications for loans and shall only process lender applications that have been submitted to before June 1, 2021)

Although the PPP loan applications deadline has been extended, the newly signed law did not add additional funds to the program.

Have questions on how this will affect your business's plans? Contact us to meet with one of our business advisors, and let's talk about where you are and where you want your business to go.