The PPP Extension Act, signed by President Joe Biden on Tuesday, extends the deadline for PPP applications to May 31, 2021. The Act also provides that the SBA will have until June 30, 2021 to process applications. While applicants now have an additional two months to apply for a first or second draw PPP loan, the Act does not provide any additional funding for the current round of PPP. As of March 28, 2021 the SBA has disbursed around $734 billion of the $806 billion appropriated by Congress to the program.
We are advising both lenders and borrowers interested in participating in PPP to contact one of our attorneys for assistance.
For more on the PPP program, click here.
To access the PPP Application for first-time borrowers, click here.
To access the PPP Application for second-time borrowers, click here.
Madeline O. McElhanon is an associate in the Finance & Commercial Transactions Practice Group where she advises banking and other corporate clients on transactional, tax, securities and regulatory matters.
Disclaimer: The information included here is provided for general informational purposes only and should not be a substitute for legal advice nor is it intended to be a substitute for legal counsel. For more information or if you have further questions, please contact one of our Attorneys.