PPP Application Deadline Extended to May 31, 2021

President Biden signed the Paycheck Protection Program (PPP) Extension Act of 2021 on March 30, 2021, extending the PPP application filing deadline from March 31, 2021 to May 31, 2021 providing potential PPP borrowers additional time to submit their applications.

The law also gives the SBA through June 30, 2021 to complete its processing of applications.

The PPP was set to expire March 31, 2021 but loan processors and the SBA have struggled to keep up with loan demand due to changes and complexities in loan calculation formulas.  While additional funding was not part of the PPP Extension Act, money remains available for the program from previous appropriations.

For more details on PPP loans and the application process, click here. To find more COVID-19 Resources for your ministry, visit the ECFA COVID-19 Resource page. 

This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.