Bipartisan Legislation Extends Deadline for Small Business Loan Applications

After a signature by President Biden on March 30, the bipartisan bill extending the deadline for struggling small businesses to apply for funds through the Paycheck Protection Program (PPP) is now law. Originally March 31, the new deadline is May 31. The legislation also gives the Small Business Administration until June 30 to process all loan applications. The PPP is open to businesses that have not received any pandemic assistance thus far and those who have previously received financial assistance through the program. The program has provided more than $960 billion in forgivable loans to small businesses since President Trump signed the Coronavirus Aid, Relief, and Economic Security Act into law on March 27, 2020. Click here to read more.