Yesterday the U.S. Senate passed legislation that would extend the time businesses have to apply for a Paycheck Protection Program (PPP) loan to May 31st , 2021.
The current PPP Loan program has made $290 billion available for in the form of forgivable loans to small businesses and nonprofits. So far, $196 billion has been spent and this legislation does not increase the available amount of funds.
With an additional 60 days to apply and based on current demand, the SBA expects the funds to last through mid-April.
The bill will be sent to President Biden for his signature in advance of the original PPP end date of March 31st.
To learn more about the PPP or other important topics visit our website here.