UPDATED: PPP Application Deadline Extended to May 31, 2021. UPDATED, APRIL 5, 2021: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law extending the Paycheck Protection Program from March 31, 2021, to June 30, 2021.
SBA is currently offering PPP loans originated only by participating community financial institutions including Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) until May 31, 2021 or until remaining funds are ...
Can I still get a PPP loan? A: In my March 15 column, "Timing is the key to getting a second PPP loan," I wrote "the deadline for filing a complete PPP application is still March 31." However, at the end of March, Congress passed, and the president signed, a law extending the deadline until May 31.
“The P.P.P. general fund is closed to new applications.” Some money — around $8 billion — is still available through a set-aside for community financial institutions, which generally focus on lending to businesses run by women, minorities and other underserved communities.
There is no deadline to apply for PPP loan forgiveness. Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. ... PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account. Once that covered period ends, your loan payments are deferred for 10 months.
The SBA and the US Treasury have released a new forgiveness application for borrowers with Paycheck Protection Program (PPP) loans less than $50,000. In addition to simplifying the application, a borrower can receive forgiveness for their loan even if they have laid off employees since receiving their PPP loan.
There are several reasons why you might be rejected for a PPP loan: First, you might not meet the qualifications of the program. Second, it might be due to an SBA software issue incorrectly rejecting 2nd time applicants who haven't had their first loan forgiveness.
Once approved, the SBA requires lenders to disburse funds within 10 calendar days. Your loan is considered approved once the SBA assigns you a loan number. In general, the PPP loan funding timeline is around two weeks, from when you submit your application to the time the lender disburses funds.
Businesses can apply for PPP loans if they didn't before
The new funding for first-time PPP loans is available through May 31, 2021, or until the new funds are exhausted. Bradley said businesses should consider applying even if they did not submit the first time.
The Paycheck Protection Program ends on May 31, 2021. All eligible entities can apply through a participating lender until then.
Yet No Comments