Paycheck Protection Program Application Deadline Extended Through May 31
UPDATE March 26, 2021 | Small businesses scrambling to stay afloat as a result of COVID-19 are getting extra time to apply for low-interest, forgivable loans. Congress extended the deadline for Paycheck Protection Program applications through May 31, 2021. The popular Small Business Administration program was scheduled to sunset Wednesday, a timeline that could have prevented some 190,000 small businesses who have pending PPP applications from securing a loan.
The PPP Extension Act of 2021 also gives the SBA an additional 30 days beyond May 31 to process those loans. The extension was seen by many at the SBA as crucial considering recent eligibility changes and the large number of first-time applicants still seeking help, including the self-employed.
Help cannot arrive fast enough, according to the National Federation of Independent Businesses. Nearly one of every six small business owners report they will have to close their doors if current economic conditions do not improve over the next six months, the NFIB said.