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Congress Passes Paycheck Protection Program (PPP) Extension
March 25, 2021
On March 25, 2021, Congress passed H.R. 1799, the PPP Extension Act of 2021. President Biden is expected to sign the legislation. The Act:
- Extends the application period for the PPP program from March 31, 2021 to May 31, 2021, and
- Provides the SBA with the month of June to process applications submitted prior to June 1, 2021.
Extension of the Application Period
On March 25, 2021, Congress passed the PPP Extension Act of 2021. The Act extends the PPP application period to May 31, 2021 and provides the SBA with the month of June to process applications submitted prior to June 1, 2021. President Biden is expected to sign the legislation.
Next Steps:
The extension will give employers more time to apply for a PPP First Draw and/or Second Draw loans. Borrowers will still have 24 weeks from the loan origination date to use the loan proceeds.
Thank you for choosing Paylocity as your Payroll Tax and HCM partner. This information is provided as a courtesy, may change and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney or Advisor.
