Congress introduced the Paycheck Protection Program (PPP) in the wake of the pandemic to provide forgivable loans to small businesses. The government did this to help small businesses remain afloat during the economic downturn, and the burden of fulfilling these loans was on the Small Business Administration or SBA.
The House recently passed a bill by a vote of 415-3, extending the deadline for application to PPP even as the current deadline of March 31st looms.
If this bill passes the senate, small businesses would have until May 31 to apply for a loan under the PPP, and the SBA has until June 30 to process such applications.
The extension would allow lenders more time to implement the changes brought in by the Biden administration.
With special emphasis on small businesses, especially those owned by women, rural residents, and minorities, the new administration specially created a 14-day window to service firms with fewer than 20 employees.
As always, DXA Group is here to assist you in checking on eligibility, and we are happy to help gather the required documents needed for the application.