PPP Loans Deadline to be Extended
March 25, 2021
On Thursday, March 25, 2021, the U.S. Senate voted 92-7 in favor of legislation extending the deadline to apply for a PPP loan till May 31, 2021. The application deadline is currently March 31, 2021. The new legislation also grants the SBA an additional 30 days, till June 30, 2021, to process loan applications. Without the new legislation, PPP loan applications waiting for SBA approval on March 31, 2021, would probably have been rejected. The legislation has previously been passed by the House of Representatives, and now goes to the President for his signature. It is expected President Biden will sign the legislation.
Government assistance available through the PPP is continually changing. Whether you are considering applying for a First Draw PPP loan, considering applying for a Second Draw PPP loan, need help understanding your options under the program, or need help determining what other help is available, the attorneys at Rothman Gordon P.C. are ready to assist. Please contact us online or call (412) 338-1169.