* PPP Extension 2021 Update – April 2021 *
Paycheck Protection Program extended through May 31, 2021
Link to the Small Business Administration PPP Page
Original post follows:
Two Week Window For Businesses With Fewer Than 20 Employees
Biden Administration takes steps to promote equitable access to SBA relief through PPP
President Biden announced important changes to the PPP, including a two-week window for businesses with fewer than 20 employees.
On Monday, February 22, President Biden announced the following changes to SBA’s coronavirus relief programs to ensure equity:
Specifically, on Wednesday, February 24, 2021 at 9 am ET, SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.
Borrowers may be eligible for loan forgiveness.
Check out the loan forgiveness requirements here: First Draw PPP Loan forgiveness terms SBA website.