Congress votes to extend PPP

Congress passed ICBA-advocated legislation to extend the Paycheck Protection Program ahead of its March 31 expiration, sending the extension to President Joe Biden to sign into law.
 
Background: Under existing law, any application not approved by March 31—even if it was submitted prior to that date—cannot receive PPP funds. The newly passed bill allows borrowers to apply for loans through May 31 and gives the SBA until June 30 to consider applications.
 
ICBA Position: ICBA strongly supported the two-month extension to ensure small-business and nonprofit applicants are not stranded by an abrupt shutdown.
 
What's Next: With the PPP extended, ICBA continues urging Congress and the SBA to make program fixes related to eligibility, use of proceeds, farm partnerships, and Schedule C borrowers.
 
More: PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.