On March 30, 2021, the President signed into law H.R.1799, the PPP Extension Act of 2021, to extend the PPP loan program past March 31. The Paycheck Protection Program (PPP) has been providing small employer loans to keep employees at work and have the loan forgiven if used appropriately. According to the Treasury, the program is “providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.” The Consolidated Appropriations Act of 2021 recently extended the loan program through March 31, 2021, and provided significantly impacted qualifying employers an opportunity to secure a “PPP second draw.”
Now the PPP loan program is extended once again so that qualifying employers have until May 31, 2021, to apply, and the Small Business Administration (SBA) will have until June 30 to process all applications submitted by the May 31 extended deadline.
IMA will continue to monitor regulator guidance and offer meaningful, practical, timely information.
This material should not be considered as a substitute for legal, tax and/or actuarial advice. Contact the appropriate professional counsel for such matters. These materials are not exhaustive and are subject to possible changes in applicable laws, rules, and regulations and their interpretations.