This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act of 2021. President Biden has signed the PPP Extension Act of 2021. The popular ⦠The Senate passed the PPP Extension Act of 2021, extending the program's deadline to May 31. After closing last August, the program was reopened in January. The Act also provides that the SBA will have until June 30, 2021 to process applications. ... 2020 application deadline,â SBA Administrator Jovita Carranza said ⦠Round 3 PPP Application Deadline The Consolidated Appropriations Act, 2021 (CAA) extends the Paycheck Protection Program (PPP) through March 31, 2021, ⦠House Votes to Extend PPP Application Deadline Bill moving deadline to May 31 now goes to Senate . The PPP Extension Act of 2021 extends the Paycheck Protection Program application deadline from March 31 to May 31, 2021. The Senate on Thursday passed the PPP Extension Act of 2021 with overwhelming support, extending the deadline for the Paycheck Protection Program to May 31 from March 31. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. Congress passed a bill Wednesday evening extending the Paycheck Protection Program (PPP) application deadline until August 8th, just one day after the program expired. PPP Application Deadline Extended. The law doesnât provide the PPP with any additional funding. The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan.The House of Representatives approved the legislation on March 16, 2021. You can easily unsubscribe at any time. D emocrats and Republicans don't agree on much these days. Last week, the U.S. House of Representatives passed the PPP Extension Act of 2021 to extend the deadline for Paycheck Protection Program loan applications from March 31 to May 31. Madeline O. McElhanon is an associate in the Finance & Commercial Transactions Practice Group where she advises banking and other corporate clients on transactional, tax, securities and regulatory matters. Returns as of 04/02/2021. The PPP was created in 2020 as part of an initial wave of stimulus relief after the start of the pandemic. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. Market data powered by FactSet and Web Financial Group. The final vote to approve the PPP Extension Act of 2021, H.R. The PPP Extension Act of 2021, a bipartisan bill to extend the Paycheck Protection Program (PPP) application period, became law on March 30, 2021. By Katie Lobosco, CNN. The PPP application filing deadline has been extended from March 31, 2021, to May 31, 2021, providing potential borrowers additional time to submit their applications.President Biden has signed the PPP Extension Act of 2021. Use This Tool To Find A Lender. New federal legislation extends the Small Business Administrationâs (SBA) deadline to approve new Paycheck Protection Program (PPP) loan applications from March 31 to May 31, 2021, or sooner if funding runs out. Congress passed a bill Wednesday evening extending the Paycheck Protection Program (PPP) application deadline until August 8th, just one day after the program expired. Congress created the Paycheck Protection Program (PPP) in the CARES Act, its second coronavirus emergency relief package response enacted in March 2020. 1799, was 92â7. Cumulative Growth of a $10,000 Investment in Stock Advisor, Congress Extends PPP Application Deadline by 2 Months @themotleyfool #stocks $SHAK $NIO, The 4 Biggest Stories of the Stock Market You Missed in March, These 2 Top Recovery-Play Stocks Soared Thursday, Forget SaaS -- These Stocks Are the Nasdaq's New Leaders, Why QuantumScape Led EV Stocks and the Whole Market Higher Thursday, This Hot IPO Soared Wednesday in a Mixed Market; Micron Climbs After-Hours, Copyright, Trademark and Patent Information. PPP Loan Application Deadline Extended to May 31 Harrison Kral 3/24/2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law pushes the PPP-application deadline from March 31 to May 31, 2021 and extends the PPP loan-authorization period to June 30, 2021. The Senate approved the PPP extension on June 30, 2020, just hours before the application deadline was set to expire, which paved the way for the House of Representatives to set aside procedural rules and pass the measure the following day. While the PPP has been, and generally continues to be, welcomed by many small business owners, it has attracted its share of controversy. Numerous large organizations and companies, some publicly traded, were allocated funds from the program. The House of Representatives approved the legislation on March 16, 2021. Weâre motley! While more than a few such recipients (Shake Shack among them) returned their loans in the wake of complaints from the public and small business owners, some did not. The Act also provides that the SBA will have until June 30, 2021 to process applications. The final vote to approve the PPP Extension Act of 2021, H.R. There was some drama, however. Weâve recently received questions about the deadline to apply for PPP loan forgiveness and want to provide further clarification on this. PPP Application Deadline Extended to May 31, 2021. PPP Loan Application Deadline Extended, More Resources Available from SBA. President Biden has signed the PPP Extension Act of 2021. President Biden has signed the PPP Extension Act of 2021. In late December 2020, the Senate passed a bipartisan measure extending the PPP program and the new loan application deadline is March 31, 202. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The ⦠Earlier this month, the House of Representatives gave the green light to the extension in a similarly lopsided vote, 415 to 3. The full House passed Wednesday the Paycheck Protection Program (PPP) Extension Act of 2021, bipartisan legislation that would extend the PPP loan application deadline ⦠Mar 26, 2021 9:00AM EDT. Democrats and Republicans don't agree on much these days. But on Thursday, senators from both sides of the aisle overwhelmingly approved an extension of the government's Paycheck Protection Program (PPP). The SBA will now have 30 days from the application deadline to work through the applications submitted by lenders on behalf of borrowers. However, $7.25 billion in The measure also gives the Small Business Administration a June 30 deadline to process the program's applications.Â. March 29, 2021. The PPP extension received unanimous support from both houses of Congress. ... Nearly 3 million still have yet to submit a forgiveness application. The CARES Act established the PPP to provide low-interest loans to small businesses struggling with the shutdowns engendered by the outbreak. Read Article entitled PPP Loan Application Deadline Extended, More Resources Available from SBA > Pandemic Fraud Is Still With Us, and We're Working 24/7 to Protect You Even as vaccinations ramp up in the United States and we begin to make progress against the COVID-19 pandemic, we know that criminals and fraudsters are still working around the clock to capitalize on the ongoing situation. On June 5, 2020, President Trump signed into law new updates to PPP loan forgiveness requirements, extending the covered period to 24 weeks, reducing the minimum loan funding that must be spent on payroll to 60%, and easing the requirements for maintaining staffing and compensation levels. Biden extends PPP loan application deadline for small businesses to May 31. The extension must now be ratified by President Joe Biden to become law. To access the PPP Application for second-time borrowers, click here. The law doesnât provide the PPP with any additional funding. The PPP Extension Act, signed by President Joe Biden on Tuesday, extends the deadline for PPP applications to May 31, 2021. 1799, was 92â7. 1799). âThe existing March 31 deadline does not allow enough time for newly eligible farmers and ranchers to apply, nor does it adequately account for the required eight-week waiting period between first draw approval and second draw applications,â AFBF President Zippy Duvall said in a letter to House and Senate Small Business Committee leaders in support of the PPP Extension Act of 2021 (H.R. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. With a March 31 deadline looming, the Senate voted 92-7 today to approve the PPP Extension Act. President Trump is expected to sign the extension into law, at which point the funds will become available again to small businesses. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. By. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. PPP Application Deadline Extended. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. President Biden has signed the PPP Extension Act of 2021. Contributor. While applicants now have an additional two months to apply for a first or second draw PPP loan, the Act does not provide any additional funding for the current round of PPP. For more information or if you have further questions, please contact one of our Attorneys. PPP loan deadline extension would help banks process more applications ... Optus Bank in South Carolina stopped accepting applications so it could work through its backlog. Disclaimer: The information included here is provided for general informational purposes only and should not be a substitute for legal advice nor is it intended to be a substitute for legal counsel. The law doesnât provide the PPP with any additional funding. The PPP was created in 2020 as part of an initial wave of stimulus relief after the start of the pandemic. The PPP application deadline is being extended to 3/31/2021; New application, simpler rules; Second draw PPP loans; In late December 2020, the Senate passed a bipartisan measure extending the PPP program and the new loan application deadline is March 31, 202. PPP Updated and Application Deadline Extended: The Latest on How Dairy Farmers and Co-ops Can Still Apply. The impending deadline has a bipartisan group of federal lawmakers scrambling to pass legislation extending the PPP at least through May. Congress Extends PPP Application Deadline by 2 Months. PPP Updated and Application Deadline Extended: The Latest on How Dairy Farmers and Co-ops Can Still Apply March 29, 2021 Congress created the Paycheck Protection Program (PPP) in the CARES Act, its second coronavirus emergency relief package response enacted in March 2020. The first draw of loans started in April and ended in August of last year. Stock Advisor launched in February of 2002. The PPP was born from the sprawling Coronavirus Aid, Relief, and Economic Security Act (CARES), the economic assistance package signed into law nearly one year ago in the thick of the pandemic. Please note that October 31, 2020 is not the deadline to apply.. A bill to move the Paycheck Protection Program application deadline from March 31 to May 31 sailed through the U.S. House of Representatives on Tuesday night, passing in a 415-3 vote that sends the legislation to the Senate for consideration. > PPP Application Deadline Extended President Biden has signed the PPP Extension Act of 2021. The PPP initially closed on June 30th. President Biden met with people last week at the W.S. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The PPP application filing deadline has been extended from March 31, 2021, to May 31, 2021, providing potential borrowers additional time to submit their applications.President Biden has signed the PPP Extension Act of 2021. Another was Chinese electric vehicle maker NIO (NYSE:NIO). These larger PPP applications may use up $30â40 billion of the remaining $73 billion in the lending pool. At times, these awards were well into the millions of dollars. For over a year, our associates have worked around the clock to ensure our clients receive the support they need through the Paycheck Protection Program (PPP). The program's application deadline and its funding authority will now terminate at the end of May, as opposed to the original March 31 date. The deadline for PPP loan applications is now March 31, 2021. Important updates on the Paycheck Protection Program. The PPP Extension Act, signed by President Joe Biden on Tuesday, extends the deadline for PPP applications to May 31, 2021. Rogers, Arkansas 72758. President Biden met with people last week at ⦠Little Rock, Arkansas 72201, 3350 South Pinnacle Hills Pkwy Senate approves extension of PPP application deadline. Congress Extends PPP Application Deadline by 2 Months The new line in the sand is May 31. President Biden has signed the PPP Extension Act of 2021. PPP Application Deadline Extended. The extension will push the deadline for PPP loans from March 31 to May 31. Suite 301 President Biden has signed the PPP Extension Act of 2021. The PPP application deadline has been extended through May 31. April 2, 2021 By Madeline O. McElhanon . A bill to move the Paycheck Protection Program (PPP) application deadline from March 31 to May 31 won approval in the U.S. Senate on Thursday. President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to ⦠As small businesses struggle to stay afloat one year into the coronavirus pandemic, the federal Paycheck Protection Program â created to help keep employees on the job and doors open â ⦠On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. Congress recently approved Farm Bureau-backed legislation that extends the Paycheck Protection Program application deadline by two months, from March 31 to May 31, helping more farmers and ranchers participate in the loan program, according to the ⦠The new law extends the Paycheck Protection Program (PPP) application⦠Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. On Tues., March 30, President Biden signed an extension for the Paycheck Protection Program (PPP), which launched last year to help small businesses that were struggling due to the COVID-19 pandemic. The new law extends the Paycheck Protection Program (PPP) application⦠The PPP Extension Act of 2021 extends the Paycheck Protection Program application deadline from March 31 to May 31, 2021. PPP Application Deadline Extended to May 31, 2021. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. All told, the vote was 92 to 7. The legislation separates the application deadline and the approval deadline for PPP and PPP2 loans, alleviating concerns by borrowers and lenders regarding the backlog for loan approval at the SBA. This article represents the opinion of the writer, who may disagree with the âofficialâ recommendation position of a Motley Fool premium advisory service. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The PPP Extension Act, signed by President Joe Biden on Tuesday, extends the deadline for PPP applications to May 31, 2021. Senators voted 92 to 7 to pass the PPP Extension Act of 2021, which extends the program to May 31 instead of the current March 31 deadline and gives the SBA another 30 days to process loans. The Senate on Thursday passed the PPP Extension Act of 2021 with overwhelming support, extending the deadline for the Paycheck Protection Program to ⦠President Trump is expected to sign the extension into law, at which point the funds will become available again to small businesses. 400 West Capitol Ave. When autocomplete results are available use up and down arrows to review and enter to select. We are advising both lenders and borrowers interested in participating in PPP to contact one of our attorneys for assistance. President Joe Biden signed into law Tuesday the PPP Extension Act of 2021, bipartisan legislation that would extend the PPP loan application deadline from March 31 to May 31. President Biden has signed the PPP Extension Act of 2021. A measure to ⦠As of March 28, 2021 the SBA has disbursed around $734 billion of the $806 billion appropriated by Congress to the program. The PPP initially closed on June 30th. By a 92-7 margin, the Senate passed a bill Thursday extending until May 31 the deadline for Paycheck Protection Program applications. However, $7.25 billion in additional funding was recently ⦠The Act also provides that the SBA will have until June 30, 2021 to process applications. U.S. Bank will reopen our application for both First Draw and Second Draw loans, as well as the opportunity to request increases on certain First Draw loans, on Tuesday, March 30. 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