Senate passes extension of Paycheck Protection Program to May 31
TAX ALERT |
On March 25, 2021, the U.S. Senate voted 92-7 to extend the Small Business Administration (SBA) Paycheck Protection Program (PPP) until May 31, 2021. Importantly, the bill also provides the SBA 30 additional days to process applications as long as they are submitted prior to May 31.
It is being reported that the current PPP funding will be exhausted sometime in April so potential borrowers or newly eligible borrowers may wish to expedite their PPP loan applications.