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If you didn’t complete an application for a Paycheck Protection Program (PPP) loan before the previous deadline, you’re in luck. The PPP Extension Act does not provide any additional funding for the current round of the PPP, which Congress provided with more than $290 billion to make forgivable loans to small businesses and not-for-profits. The deadline for PPP loan applications is now May 31, 2021. President Biden signed the PPP Extension Act of 2021 on March 30. AICPA believes that Congress can … Application deadline. Email this Article. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional … Share. 1799, sending the legislation to the president for his signature. 1799, known as the “PPP Extension Act of 2021,” extending the Paycheck Protection Program (PPP) application deadline by 60 days – from March 31, 2021 to May 31, 2021. House Votes to Extend PPP Loan Application Deadline to May 31 (March 24, 2021)— Last week the U.S. House of Representatives passed the PPP Extension Act of 2021 to extend the deadline for Paycheck Protection Program loan applications from March 31 to May 31. Extension of PPP loan application deadline enacted The president on July 4, 2020, signed into law S. 4116—legislation that extends the deadline for applying for loans under the Paycheck Protection Program to August 8, 2020. This bill extends the PPP application window until the end of May, after which the SBA will … The period covered by a PPP loan extends from August 8, 2020, to March 31, 2021. House Small Business Committee Chair Nydia Velázquez, D-N.Y., and U.S. Rep. Blaine Luetkemeyer, R-Mo., the committee’s top Republican, have agreed to delay the PPP loan application deadline … Updated April 26th, 2021 Congress recently voted to approve an extension to the SBA Paycheck Protection Program (PPP) loan application deadline. UPDATED, APRIL 5, 2021: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law extending the Paycheck Protection Program from March 31, 2021, to … The program now officially runs through June 30, 2021. March 2021 in Business Advisory. Visit Our COVID-19 Arts Resources Page. 58. The U.S Small Business Association (SBA) recently announced a PPP loan application extension that gives business owners more time to seek the help they need. Application for the PPP loan, which was slated to close on March 31st has been extended to May 31, 2021. The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. On March 30, 2021, President Biden signed the PPP Extension Act, which extends the application process for first draw and second draw PPP loans through May 31, 2021. Tribune News Service | Mar 31, 2021 at 8:32 AM . The deadline extension may increase the odds of securing a loan, particularly for businesses that have struggled with the application process. In addition to the PPP loan deadline extension, more … Originally the deadline to apply for a PPP loan was March 31, 2021. This extension from the March 31 deadline is welcome news to business owners still needing to apply for a PPP loan. 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. Deadline for PPP Loan Applications Extended to May 31, 2021 Share This Page On March 30, 2021, President Biden signed H.R. The deadline extension may increase the odds of securing a loan, particularly for businesses that have struggled with the application process. Without it, nearly 190,000 small business with pending PPP applications would have been prevented from securing a loan, and according to the National Federation of Independent Businesses , nearly one in six small business owners say they’ll have to close their doors if economic conditions do not improve over the next six months. On Tuesday, March 16, 2021, the U.S. House of Representatives voted to pass the Paycheck Protection Program (PPP) Extension Act, which would extend the deadline for businesses to apply for PPP loans … The PPP Extension Act of 2021, signed into law by President Biden today, provides a 60-day extension of the PPP loan application deadline for eligible employers.The application deadline was set to expire on March 31, 2021, but now employers have until May 31, 2021. President Biden signed an extension to apply for the second round of PPP loans pushing back the deadline from March 31 to May 31. The Senate approved the PPP extension on June 30, 2020, just hours before the application deadline was set to expire, which paved the way for the House of Representatives to set aside procedural rules and pass the measure the following day. President Biden recently signed a bill to extend the Paycheck Protection Program (PPP) application deadline to May 31, 2021. To recap, the new PPP Extension Act provides no additional funding for the program but extends the filing deadline for both first- and second-draw loan applications to May 31, 2021. 1000. The House and Senate have passed bill H.R 1799 – PPP Extension … Deadline Extended for PPP Loan Applications. By Justin Sink and Mario Parker, Bloomberg News. And the SBA currently says on its website that “SBA is currently offering PPP loans until March 31, 2021.” That’s likely to change to May 31, 2021, if and when President Biden signs the PPP loan application deadline extension measure. Dear Arts Action Fund Members, Without a moment to spare, the United States Senate just voted overwhelmingly 92-to-7 to extend the PPP application deadline from March 31, 2021 to May 31, 2021.The House had already passed this legislation 415-to … Information for new PPP loans. Loan amounts received for First and Second Draw PPP Loans will not be aggregated. The original application deadline for PPP loan applications HAS BEEN EXTENDED to MAY 31, 2021. WASHINGTON, DC, March 2, 2021 – The American Institute of CPAs (AICPA) today called upon Congress to extend the Paycheck Protection Program’s (PPP) March 31 loan application deadline. The new PPP Extension Act provides no additional funding for the program but extends the filing deadline for both first and second draw loan applications to May 31, 2021. The same requirements apply from the first round of loans. Published: Jul 7, 2020 by Joshua Sophy In Small Business News 4. Contacts Media: Kathy King T: … You can also select PPP loan forgiveness covering a period of either 8 weeks after the loan’s origination date or 24 weeks after the loan’s origination date regardless of when the loan was disbursed. On March 30, President Biden signed the PPP (Paycheck Protection Program) Extension Act of 2021 into law. So what does this mean for you? If you have applied before, you may be eligible to seek further assistance from the program. You may still apply for your PPP loan but you absolutely must hurry. To recap, the new PPP Extension Act provides no additional funding for the program but extends the filing deadline for both first- and second-draw loan applications to May 31, 2021. This Tuesday, the House of Representatives successfully voted to extend the PPP deadline from March to May 31st—an initiative that 78% of you supported in our recent poll.The extension, if passed, also gives the SBA an extra 30 days to process the loans. New PPP loan application deadline of June 30, 2021; No new PPP loans will be accepted by SBA after June 1, 2021; Big news for small businesses, independent contractors, sole proprietors, and self-employed individuals looking for PPP loans: the Paycheck Protection Program (PPP) loan application deadline has been extended. Possibility of getting a PPP loan for the second time. To be clear, the money doesn’t run out at the deadline, and PPP loans will still be awarded. The Paycheck Protection Program (PPP) was enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Pub. The deadline (previously for March 31st) has been extended to May 31st, thus allowing small business owners more time to get any funding needed as a result of the COVID-19 crisis. The PPP Extension Act of 2021 is a new piece of legislation passed by Congress and signed into law by President Biden that extended the deadline for PPP loan applications from March 31, 2021, to May 31, 2021. The previous deadline was March 31. The deadline extension may increase the odds of securing a loan, particularly for businesses that have struggled with the application process. The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 on Tuesday when President Joe Biden signed the extension into law. Good news on the PPP Relief front. Extension of the covered period. A business that did not previously apply for or receive a PPP loan may apply for a new loan. Since the program reopened in January (after the first round of PPP closed on August 8, 2020), more than 2 million loans have been approved for more than $156 billion in loans… PPP Loan Application Deadline Extended to August 8. Biden extends PPP loan application deadline for small businesses to May 31. The bill also gives the SBA an additional 30 days beyond May 31 to process PPP loans. The extension is much needed. This action means the PPP loan application deadline has been extended to May 31, 2021, for those eligible to apply for both First and Second Draw loans. To recap, the new PPP Extension Act provides no additional funding for the program but extends the filing deadline for both first- and second-draw loan applications to May 31, 2021. AICPA today called upon Congress to extend the Paycheck Protection Program’s (PPP) March 31 loan application deadline. 58. 1 min read . Related content. The PPP Extension Act of 2021, P.L. 117-6, did not include any additional funding for the current round of the PPP, which Congress provided with more than $290 billion to make forgivable loans to small businesses and not-for-profits suffering economic loss related to the COVID-19 pandemic. Watch our american rescue plan webinar Register for the SBA WebinarMarch 25, 2021. Unfortunately, since this is … March 31, 2021 Eligibility for first-time borrowers. 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