March 25, 2021

Caity Roach

Flash Report – Senate Passes the Paycheck Protection Program Extension Act
On Thursday, March 25, 2021, the U.S. Senate voted to approve the Paycheck Protection Program Extension Act. The bill extends the Paycheck Protection Program through the end of May and then provides the SBA with 30 days after the end of the program to process applications that have already been submitted. 

From June 1, 2021, through June 30, 2021, the SBA shall not accept new lender applications for PPP loans and shall only process such lender applications that have been submitted to the agency before June 1, 2021.

The full text of the bill can be found here.