Yesterday, March 30, the president signed the PPP Extension Act of 2021 (H.R. 1799) extending the PPP application submission deadline from March 31, 2021, until May 31, 2021, giving borrowers more time to access the funds. The extension applies to both first and second draw PPP loans. The law also allows lenders to submit the PPP applications to the SBA until June 30, 2021, providing a buffer for lenders to work through any errors in the current process.
The PPP Extension Act of 2021 is separate from the recently passed $1.9 trillion stimulus bill known as the American Rescue Plan.