Update as of March 30, 2021
On March 30, 2021, President Biden signed the PPP Extension Act of 2021. The Paycheck Protection Program (PPP) loan application due date is now May 31, 2021.
Original post from March 26, 2021
Congress passed the PPP Extension Act of 2021 on March 25, 2021. The bill now awaits President Biden’s signature. The legislation extends the Paycheck Protection Program (PPP) loan application due date to May 31, 2021.
The bill, introduced in the House on March 11th, passed the House by a 415-3 vote on March 16th. Although Senate negotiations initially threatened the timeline with a proposed amendment, the Senate ultimately passed the bill by a 91-7 vote on Thursday, March 25th.
The legislation gives small businesses and nonprofits in need 60 more days to apply for the PPP by extending the loan application deadline to May 31, 2021. Previously, the program was set to expire on March 31st.
The SBA already has nearly 190,000 pending loan applications on file. To grant the SBA more time to process these and new applications and loans, the legislation also grants the SBA an additional 30 days past May 31st to process loans through June 30, 2021.
If you have questions, contact me today. Visit our COVID-19 Financial Resource and Tax Center for information on related matters.
by Holly Ferguson, CPA
Holly Ferguson joined ARB in 1996 and has been a principal for the firm since 2012. Throughout her career, Holly has provided financial reporting consulting services, assisted with transactional accounting and consulting related to business acquisitions/sales, and analyzed implications and strategic implementation of new accounting standards. As the Practice Leader of ARB’s Accounting & Attest Services Team, she focuses primarily on related services for businesses, manufacturers, credit unions, and nonprofit organizations.
