The U.S. Senate voted 92-7 to approve the PPP Extension Act of 2021, a bill that extends the application deadline for the second round of the Paycheck Protection Program (PPP) from March 31 to May 31. The House of Representatives had previously approved the bill. The bill now goes to the President for signing, which is expected to occur this week.
Once enacted, the 60-day application deadline extension will provide additional time for small businesses to access the second round of PPP financing, and will also allow the Small Business Administration (SBA) to address processing delays and technical issues. The bill also includes an additional 30 days for the SBA to complete processing applications received by May 31.
If you have questions about the PPP application process, or concerns about accounting and documentation requirements for PPP loans, please contact Gray, Gray & Gray at (781) 407-0300 or visit our Covid-19 resources page