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Congress extends Paycheck Protection Program applications through May 31, 2021

By March 26, 2021 No Comments

On March 25, 2021, Congress passed the PPP Extension Act of 2021, delaying the program’s deadline to May 31 and giving the Small Business Administration (SBA) an additional 30 days after that to process pending applications. The program had been set to close March 31, so this is a great opportunity for businesses to access capital.  President Biden is expected to sign the Act into law.

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After the President signs it, the SBA website will be updated to reflect the new date.  Here is the application link.

The extension gives borrowers more time to apply for the popular loan program designed to assist businesses with weathering the continued economic effects of the coronavirus pandemic. While the program was formally extended to June 30, the Act prohibits the Small Business Administration (SBA) from accepting new first- or second-draw loan applications during June. For the remainder of that month, the SBA is only to process applications it has received from lenders before June 1, 2021.

 

Please contact LAEDC’s business assistance team if your business needs assistance accessing PPP loans, or is at risk of closing or facing challenges that may lead to layoffs.  We are here to help.  Email us at [email protected] or call our multilingual team at 213-236-4839.  Our services are provided at no cost.

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