The Senate just passed the PPP Extension Act of 2021, HR 1799, in a 92-7 vote. This bill extends the filing deadline for Paycheck Protection Program (PPP) applications by 60 days from March 31, 2021 to May 31, 2021. It also provides an additional 30 days for the U.S. Small Business Administration (SBA) to finish processing applications received by May 31.
This bill passed the House of Representatives on March 16 by a 415-3 vote. This bill should be signed into law by the President shortly. PPP loans were established as part of the CARES act, and they were designed to allow small business to keep employees on the payroll during the coronavirus pandemic. An eligible recipient of a PPP loan can qualify for forgiveness if they show that they have spent the full amount of the loan on eligible expenses.
