Paycheck Protection Program

Senators voted 92-to-7 to pass the PPP Extension Act of 2021 last week, extending the deadline and giving the Small Business Administration (SBA) an additional 30 days process pending applications. Businesses have until May 31 to apply for a forgivable loan on the condition they maintain payroll. At least 60% of the money must be spent on maintaining payroll in order to receive full forgiveness.