PPP Application Deadline Extended to May 31, 2021
The PPP Extension Act of 2021, a bipartisan bill to extend the Paycheck Protection Program (PPP) application period, became law on March 30, 2021. The law pushes the PPP-application deadline from March 31 to May 31, 2021 and extends the PPP loan-authorization period to June 30, 2021.
PPP Background
The March 2020 CARES Package provided a series of small-business relief options to business affected by the pandemic, including the PPP, a loan/grant fund to help employers maintain payroll through the COVID-19 pandemic. The PPP is a first-come, first-serve loan program geared toward small-business owners. Employers apply for PPP funds through an approved lender with whom they, ideally, have an established business relationship.
The March 2021 stimulus package, the American Rescue Act, allocated $7.25B to the PPP and extended PPP eligibility to some non-profit organizations. Check the NCCAOM COVID-19 Resource Page and the ASA COVID-19 Resource Page for more COVID-19 relief information and guidance. Email with questions.
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