On Tuesday, March 30, the President signed the PPP Extension Act of 2021, extending the deadline for submitting PPP loan applications from March 31, 2021 to May 31, 2021.

Significantly, the Act also gives SBA until June 30, 2021 to process and approve applications submitted by May 31.  This should help to alleviate the need for lenders to stop taking PPP applications days or weeks before the application deadline.  Previously, many lenders stopped taking applications before the then application deadlines because of the time needed to submit the applications to SBA and have them approved.