PPP Loan Deadline Extended

On March 25, the Senate passed the House version of a bill to extend the Paycheck Protection Program (PPP) application deadline to May 31, 2021, and President Biden is expected to quickly sign this into law. With the current March 31 deadline quickly approaching, this extension will provide borrowers with much-needed additional time to submit their PPP loan application prior to the end of the program. According to the most recent U.S. Small Business Administration PPP report, approximately 3.1 million loans totaling $195.8 billion have been approved through March 21 for the 2021 program. This leaves approximately $95.5 billion of funding available from the $291 billion allocated to the 2021 PPP program.