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Posted by Jake McDonald on Wed, Mar 10, 2021 @ 11:30 AM

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On March 8, the Federal Reserve announced it is extending its application deadline for Paycheck Protection Program (PPP) loans until June 30, 2021. The announcement that the loan facility that supports the PPP would run through June comes at the end of the temporary restrictions on PPP loan applications. Designed by the Biden administration to give priority access to small businesses, the limitation spanned Wednesday, Feb. 24 through Tuesday, March 9, 2021. During that window, the Small Business Administration was only accepting PPP loan applications from businesses with less than 20 employees.

Next Steps for the PPP

Changes to the application window are most impactful for organizations considering First-Draw and Second-Draw PPP loans. The year-end Consolidated Appropriations Act, 2021 (the Act) made several modifications to the potentially forgivable loans designed to help employers experiencing declines in revenues because of the COVID-19 pandemic keep their headcount levels. For more information about these changes, see our earlier article here.

Fact Sheets

An updated Term Sheet for the Paycheck Protection Program Liquidity Facility can be found here. Other resources are below:

For More Information

If you have any questions or concerns about the latest developments with the PPP, please contact us.

Looking for more COVID-19 resources? Visit our resource center for expertise on impacts to expect and how your business can respond.

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James-McDonaldJames (Jake) McDonald is a Director in the Philadelphia office of CBIZ MHM, LLC. He can be reached at 610.862.2202 or jwmcdonald@cbiz.com

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Tags: CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP, charitable contributions, SBA, loan forgiveness, PPP2

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