PPP Loan Update – PPP Extended Until May 31, 2021 – PPP Extension Act Approved
SBA announced today that President Biden has signed into law the PPP Extension Act of 2021, thus extending the PPP loan program until May 31, 2021. The SBA will have an additional 30 days to continue processing PPP loan applications received before the May 31, 2021, due date.
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The SBA Press Release published on March 30, 2021 reads as follows:
“SBA Administrator Isabella Casillas Guzman’s Statement on President Biden signing the PPP Extension Act of 2021 into law.
As President Joe Biden signed the PPP Extension Act of 2021 into law today, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still pending, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration, said:
“Today, President Biden sent another strong message to America’s more than 30 million small business owners negatively impacted by the pandemic: help is here. By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the President is providing additional critical relief to the smallest of the small businesses – the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.
“The leadership of the Biden-Harris Administration, working with leaders of the House Small Business Committee, Chairwoman Nydia Velázquez, and Ranking Member Blaine Luetkemeyer, Reps. Carolyn Bourdeaux and Young Kim, and Senate Small Business and Entrepreneurship Committee Chairman Ben Cardin, and Senators Jeanne Shaheen and Susan Collins, ensured a strong bipartisan vote to extend this critical relief to hard-hit small businesses. More than 8.2 million PPP loans have provided struggling small businesses with the relief they need to keep workers employed and make ends meets during this pandemic. The SBA remains dedicated to reaching the heart and soul of the nation’s urban, rural, and low-income communities – the smallest businesses – and removing barriers to access this vital relief.”