ICBA thanked policymakers for introducing The PPP Extension Act of 2021, which pushes the application deadline until May 31 and creates a second deadline of June 30 for the Small Business Administration to clear the thousands of Paycheck Protection Program loan applications in process.
ICBA: Two-tiered deadline will ensure SBA clears PPP loans on hold
March 15, 2021 / By ICBA
ICBA thanked policymakers for introducing The PPP Extension Act of 2021, which pushes the application deadline until May 31 and creates a second deadline of June 30 for the Small Business Administration to clear the thousands of Paycheck Protection Program loan applications in process.
ICBA thanked policymakers for introducing The PPP Extension Act of 2021, which pushes the application deadline until May 31 and creates a second deadline of June 30 for the Small Business Administration to clear the thousands of Paycheck Protection Program loan applications in process.
Background: Under current law, any application not approved by March 31—even if it was submitted prior to that date—cannot receive PPP funds.
ICBA Position: Congress should quickly move to advance this legislation before the March 31 deadline and use the additional time to address PPP issues related to first-draw increase eligibility, second draws, farm partnerships, Schedule C borrowers, and the Save Our Stages program.
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