Senate Passes Bill Extending PPP Deadline to May 31, Sending It to President Biden

ANCOR is pleased to share this article by ASAE, the association for association professionals, because many of our members are relying on forgivable loans from the Paycheck Protection Program (PPP) to keep their organizations afloat and provide supports to people with disabilities during the pandemic. We encourage members seeking to apply for first-time or second-time loans to visit the Small Business Administration’s (SBA) website, as the agency has issued new application forms. SBA is responsible for implementing the PPP program.

“The Senate passed legislation by a 92-7 margin 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 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.

Sen. Ben Cardin (D-MD), who chairs the Senate Small Business & Entrepreneurship Committee, said before the vote that it was critical for Congress to act given recent eligibility changes and the large number of first-time applicants still seeking information about the program.

[…]

Since the creation of the PPP a year ago, the Small Business Administration (SBA) has approved 8.2 million loans to small businesses and nonprofits totaling $718 billion. More than $50 billion remains available from the amount Congress approved for the program.”