By Alan Wolf, YSN
The Senate last week approved extending the deadline for loan applications under the Paycheck Protection Program (PPP) from this Wednesday to May 31.
CNBC reports that the PPP Extension Act of 2021 was passed with strong bi-partisan support — 92 to 7 — just days before its expiration and about a week after the House overwhelmingly approved a companion bill in a 415-3 vote.
The White House has indicated support for extending the PPP deadline to support small businesses, and President Biden is expected to sign the measure into law.
Besides giving BrandSource members an additional 60 days to apply for the potentially forgivable loans, it also gives the Small Business Administration (SBA) 30 more days to process them, CNBC said.
About $79 billion remain in the PPP pool, down from $284 billion in January.
The extension will help owners who wish to apply for a second loan or who encountered problems with a previous application, while changes to the relief program announced by President Biden in February were designed to give eligible businesses more equitable access to the funds.
For more information or for help finding a PPP lender, click here.