Apple Growth Partners

Reminder: Banks Have Their Own Deadlines for the PPP – and May Have Already Stopped Taking Loan Applications

March 17, 2021

By Robert Jackson, CPA

Some potential borrowers who thought they had until March 31st to apply for a first or second draw PPP loan are finding that their bank has stopped taking applications, or will stop in the coming days, short of the actual deadline. While legislation to extend the deadline through May 31st passed in the House yesterday, the Senate has yet to vote on the extension. 
Prospects to pass in the Senate have been reported as favorable – but there are no guarantees. Furthermore, waiting until they pass an extension may lead to more delays on being able to apply because of the bank’s own adjustment period. We recommend that potential borrowers contact their bank to determine when their last day to apply is, notwithstanding the potential extension.
Note that this reminder is for loan applications, not applications for forgiveness. Applications for loan forgiveness are not restricted by the PPP loan deadline of March 31st.
Please contact your AGP Team Member with any questions.

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