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. While ANCOR was pleased that the recently enacted American Rescue Plan Act included more PPP funding and expanded eligibility for the program, the legislation did not change the deadline to apply for funding from the original date of March 31, 2021, which had been set in 2020 legislation. This means that unless Congress takes further action, providers only have a very small window to apply for the additional funding. However, we share this article by ASAE which heralds a promising development:
“The House passed a bill this week extending the deadline for applying for a loan through the Paycheck Protection Program (PPP) to May 31, and the Senate is expected to take up the legislation [this week].
The popular PPP, created by Congress last year and recently expanded to include most 501(c) nonprofit groups, offers forgivable loans to businesses and nonprofits affected by the COVID-19 pandemic. Under the legislation, which passed the House by a vote of 415-3, 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. Business groups, including ASAE, have called for an extension of the current March 31 deadline to give businesses more time to apply.
The SBA has approved nearly 7.6 million PPP loans worth more than $687 billion as of March 7. About $92.5 billion remains to be lent, after Congress approved an additional $7.25 billion for the program in the latest $1.9 trillion stimulus package that President Biden signed into law last week.
Senate Majority Leader Chuck Schumer (D-NY) said that, given the looming March 31 expiration, the Senate will take up the bill to extend the PPP ‘as quickly as possible.’ The bill has been added to the Senate calendar and will be fast-tracked by seeking unanimous consent.”
Related read: We strongly encourage our members to consult this ASAE article on SBA guidance regarding the calculation of lobbying activities while applying for PPP loans. ASAE is the association for association professionals, of which ANCOR is a member.
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