ppp extension date
A bipartisan group of lawmakers on Thursday introduced the Paycheck Protection Program Extension Act in the House of Representatives, which would push the expiration date to … The president's signature was the final step needed after the U.S. Senate passed the PPP Extension Act last Thursday by a vote of 92-7. However, the PPP Extension Act of 2021 – which would extend the PPP to May 31, 2021 – was passed with bipartisan support in the House of Representatives and is … PPP Extension Act of 2021 This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), through June 30, 2021. Last week, the House of Representatives voted almost unanimously, 415 to 3, on the PPP Extension Act of 2021 which extended the application time limit from March to May and gave the SBA until June 30 to finish processing applications for loans. On March 30, 2021, President Biden signed the PPP Extension Act of 2021 which extends the new loan application deadline to May 31, 2021. The application deadline was set to expire on March 31, 2021, but now employers have until May 31, 2021. Businesses have two more months to get applications in for First and Second Draw PPP loans. 116-142, extended the deferral period for loan payments to either (1) the date that SBA remits the borrower’s loan forgiveness amount to the lender or (2) if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period. Currently, the program is set to expire on March 31, 2021. Congress Extends PPP Application Deadline by 2 Months ... as opposed to the original March 31 date. The extension must now be ratified by President Joe Biden to become law. Since the program reopened in January for First Draw and Second Draw loans, the SBA has approved about 3.1 million loans, totaling nearly $196 billion, as of March 21. The House passed a bill extending the deadline for applying for a Paycheck Protection Program loan to May 31, sending the legislation to the Senate as the current March 31 deadline looms. The Paycheck Protection Flexibility Act of 2020, P.L. Borrowers may be eligible for PPP loan forgiveness.. SBA is currently offering PPP loans until May 31, 2021.President Biden announced program changes to make access to PPP loans more equitable.. 1. The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan.The House of Representatives approved the legislation on March 16, 2021. After this, the SBA will no accept any new PPP applications, but only process those applications it has received prior to June 1. The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. The PPP Extension Act of 2021 does not provide additional funding to the PPP. In Senate testimony, the SBA said it expects the PPP to have enough funding to last through mid-April. Congress extended the application deadline for the Paycheck Protection Program (PPP) to May 31st on Thursday when it passed The PPP Extension Act of 2021.Previously, the coronavirus assistance program for small businesses was set to expire on March 31st.
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