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PPP Pushed Back: Application Deadline Moved to May 31

  • Senate passes bill extending PPP application deadline by two months
  • Are there still funds to support 60 more days of loan applications?

Last week, Senate passed the PPP Extension Act of 2021, permitting a sigh of relief amongst those in support of the movement to extend the loan application deadline past its original March 31st date. Small businesses looking for relief from PPP2 now have until May 31st to apply for the loan.

Now, with mere days before the loan is set to expire, the new bill sits on President Biden’s desk, awaiting his final seal of approval.

Some sources estimate that the extended deadline will grant enough time for 190,000 small businesses with applications still pending as the original March 31st deadline nears.

After the passage of the American Rescue Plan, a $1.9 trillion relief package, the PPP loan fund was granted an additional $7 billion to expand eligibility. Since the revival of the lending program began on January 11th this year, the SBA has approved over 3.1 million loans, totaling almost $200 billion. The SBA has also confirmed that the budget still has plenty of funds remaining, enough to support the majority of this new extension.

DSJCPA is here to provide PPP loan assistance to your small business. Call our office at 516-5416549 to speak with a trusted advisor on our Coronavirus Response Team and visit our website for more information and updates. 

Devin McQuillan
Associate, Creative Solutions

516-541-6549 | Email

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