PPP loan applications will be extended until May 31

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On Thursday, the US Senate passed the PPP Extension Act of 2021 with an overwhelming bipartisan margin, extending the Paycheck Protection Program’s loan period 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 – is directed to President Biden’s office, who is expected to sign it into law by the original March 31 deadline.

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

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

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

Learn more about the Senate’s passage of the PPP loan extension until May 31 on NRN.com here.

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