President Joe Biden is expected to sign into law an extension to the Small Business Administration’s Paycheck Protection Program (PPP) approved by Congress just a week before it was slated to expire. The new deadline for applications to be submitted to a qualified lender is May 31, with another 30 days given to the SBA to process loans.
The PPP, which was established by the CARES Act to provide forgivable funding to small businesses, reopened in January with $284 billion in funding. Through March 21, the SBA had awarded more than 3.1 million loans worth a total of nearly $196 billion.
For assistance with your PPP loan, or to complete your forgiveness application for a PPP loan already awarded, contact your ShindelRock tax professional .