Apple Growth Partners

President Signs PPP Extension Bill

By Robert Jackson, CPA

Tuesday, March 30, 2021

The President signed the Paycheck Protection Program (PPP) extension bill on Monday, just three days before the program was set to expire. The bill now gives borrowers until May 31st to apply for a first or second draw PPP loan. While the bill technically extends the program until June 30th, the final 30 days (June 1st through June 30th) can only be used by the SBA to approve loan applications and no new loans can be accepted during that period (hence the May 31st deadline to apply).
This extension applies only to the filing of loan applications (not forgiveness applications).

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