The popular Paycheck Protection Program narrowly avoids expiration as President signs extension.
President Biden on March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 (HR 1799), which moves the application deadline to May 31, 2021. The extended PPP application window was originally set to expire on March 31.
The bill was overwhelmingly approved in the House by a 415-to-3 vote; the Senate cleared it 92-to-7.
Additionally, the measure provides the U.S. Small Business Administration (SBA) with an extra 30 days to process loans submitted prior to June 1. However, no additional funding was provided for the program. Funding is expected to lapse in mid-April, according to the SBA.
Information on First and Second Draw PPP Loans can be located here.
The SBA's March 25 PPP Data Report can be located here.