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The Paycheck Protection Program (PPP) application deadline has been extended for borrowers until May 31, 2021. It was set to expire on March 31st. In addition to pushing back the application deadline, it also provides 30 additional days for the U.S. Small Business Administration to finish processing applications received by the new deadline. This extension doesn’t provide any additional funding.
The PPP was created to provide a direct incentive to help small businesses keep their workers on the payroll, hire back those who have been laid off, and help cover applicable overhead.
Borrowers should continue to monitor PPP developments. Those who are considering applying should prepare and have all relevant documentation on hand. For PPP loan questions, contact your lender directly.
Download the bulletin for more details.
This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
