President Biden Officially Signs Bill Extending PPP Into Law

We share this reporting by ASAE so that our members know that the extension to apply to the Paycheck Protection Program is now officially in effect. ASAE is the association for association professionals of which ANCOR is a member. We encourage our members to visit the Small Business Administration’s website to see the most recent guidance on who is eligible to apply and access application forms which were updated in March.

“President Biden signed legislation March 30 to extend the deadline for Paycheck Protection Program (PPP) loan applications to May 31.

The popular PPP, created by Congress last year and recently expanded to include most 501(c) nonprofit groups, offers forgivable loans to businesses and nonprofit organizations affected by the COVID-19 pandemic. Under the legislation, which overwhelmingly passed the House and Senate last week, PPP applicants have until May 31 to apply for a loan and the Small Business Administration (SBA) has a June 30 deadline to process them.

Since the creation of the PPP a year ago, the Small Business Administration (SBA) has approved 8.7 million loans to small businesses and nonprofits totaling $734 billion. Nearly $50 billion remains available from the amount Congress approved for the program.

Biden called the legislation a ‘bipartisan accomplishment,’ and said it will help thousands of small businesses and nonprofits get back on their feet.”