On March 30, 2021, President Joe Biden signed the PPP Extension Act of 2021 into law, permitting borrowers to apply for Paycheck Protection Program (PPP) loans through May 31, 2021. Under the American Rescue Plan Act (as summarized in our prior Alert), the deadline for borrowers to apply for PPP loans was not changed from its original deadline of March 31, 2021. The PPP Extension Act also extends the authorization of loans through June 30, 2021, providing the Small Business Administration (SBA) with additional time to process applications.
The PPP Extension Act does not provide for any additional funds or other changes to the PPP.
In addition, the SBA announced that applications for Shuttered Venue Operators Grants (as summarized in our prior Alert) will open on April 8, 2021. Interested venues may sign up to be informed when the application opens.
About Duane Morris
Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.
For More Information
If you have any questions about this Alert, please contact Nanette C. Heide, Stephen Morrissey, Mark Zhuang, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.