President Biden signed the Paycheck Protection Program (PPP) Extension Act of 2021 into law on March 30, 2021. The new law extends the PPP, established to support small businesses in response to COVID-19 (i.e., coronavirus disease 2019), through June 30, 2021. Currently, the program is set to expire on March 31, 2021.
For the final 30 days of the program (i.e., from June 1 until June 30), the Small Business Administration may only process applications submitted prior to June 1, and it may not accept any new loan applications. Therefore, interested employers must apply before June 1, 2021.
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