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PPP Extended Through May 31, 2021

2 min read • Apr 02, 2021 • Lendio

UPDATE: The PPP loan application period ended May 31, 2021. Learn about financing options available for small businesses today at Lendio.com

 
Congress has passed an extension to the popular Paycheck Protection Program (PPP). Qualifying small businesses and nonprofits will now be able to apply for the potentially-forgivable loans through May 31, 2021. 

The extension also comes with an added provision that allows the SBA some processing time. As long as the application has been submitted to the SBA by May 31, 2021, the SBA will have through June 30,2021, to process applications. Given that there are longer processing times for lenders due to high demand for the loans, we recommend applying for your PPP loan early to ensure it has ample time to be submitted to the SBA prior to the May 31 deadline. 

This news provides a 2-month extension to the program as it was initially scheduled to end on March 31, 2021. The extension, which came just days before PPP was set to expire, came as part of the PPP Extension Act of 2021. 

This is great news for small businesses that are looking to apply for their First or Second Draw through PPP. The announcement comes after recent changes allowed many independent contractors and self-employed individuals to qualify for larger loans.

What You Need to Know About the Extension

Here’s what you need to know about the latest PPP extension:

  • PPP applications will remain open through May 31, 2021.
  • The SBA will have an additional 30 days after the May 31 deadline to process and fund qualified, completed applications.
  • Apply early to ensure the lender has time to process your application and submit to the SBA ahead of the May 31 deadline.

Have Questions?

We’ve got answers. Consult our Answers to Your Most Pressing PPP Loan Questions

Ready to Apply for PPP?

Take the first step towards your potentially-forgivable financial safety net. Apply now.

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