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The Small Business Administration will also have an additional 30 days to process loan applications.

The PPP Extension Act of 2021 extends loan applications through May 31

After passing in the Senate, the bill now heads to President Biden’s desk

The U.S. Senate passed the PPP Extension Act of 2021 by an overwhelming bipartisan margin on Thursday, extending the Paycheck Protection Program loan deadline by two months from March 31 to May 31. The bill — which now gives the Small Business Administration an additional 30 days to process loan applications — headed to President Biden’s desk, who is expected to sign it into law by the original March 31 deadline.

The vote comes about a week after the U.S. House of Representatives first passed the PPP Extension Act of 2021 before it was passed on to the Senate. The bill, which is designed to help small businesses that are still struggling at this point in the pandemic, has wide bipartisan support.

Earlier this month, the SBA also announced an extension of deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.

In addition to the PPP loans, restaurant operators will soon be able to apply for Restaurant Revitalization Fund grants through the SBA starting sometime in April, though an exact date has not yet been set.

Read more about the Senate passing the PPP loan extension through May 31 on here.

Contact Joanna at [email protected]

Find her on Twitter: @JoannaFantozzi


TAGS: Finance
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