The United States Small Business Administration (SBA) Paycheque Protection Program (PPP) will remain open until at least May 31, 2021, after President Joe Biden signed the PPP Extension Act of 2021 this week.
The legislation also extends PPP authorization until June 30, 2021, to give the SBA additional time to process applications received before the application deadline, according to a white house announcement.
Biden recently announced changes to make the PPP fairer for borrowers.
As a result, the SBA has established an exclusive 14-day PPP loan application period for businesses and nonprofits with fewer than 20 employees. This gave lenders and community partners more time to work with smaller businesses to submit their applications, while ensuring that larger PPP-eligible businesses still had enough time to apply and receive support before the expiry of the program. program for May 31, 2021, according to a Press release.
“President Biden sent another strong message to the more than 30 million American small business owners negatively affected by the pandemic: the help is here,” SBA Administrator Isabella Casillas Guzman said in a statement. Press release. “By signing the PPP Extension Act of 2021 and the American Rescue Plan Act, the President is bringing further critical relief to the smallest of small businesses – the mom-and-pop stores that line our main streets and guard our premises and savings. regional operations.