Congress Moves to Extend PPP Application Period Through June

On March 16, 2021 the House of Representatives passed legislation to extend the Paycheck Protection Program (PPP) loan program by a vote of 415–3. The bill to extend the application deadline from March 31 to June 30 now goes to the Senate, where it is expected to pass quickly to avoid any disruption in the PPP program at end of the month. The bill does not require allocation of additional funds for the PPP as there remains $119 Billion available for loans which will be forgiven provided the funds are used for expenses outlined in the guidelines. To date, the PPP has provided 7.5 million loans resulting in an influx of $687 billion to U.S. businesses impacted by COVID.