ICBA thanked policymakers for introducing The PPP Extension Act of 2021, which pushes the application deadline until May 31 and creates a second deadline of June 30 for the Small Business Administration to clear the thousands of Paycheck Protection Program loan applications in process.
Background: Under current law, any application not approved by March 31—even if it was submitted prior to that date—cannot receive PPP funds.
ICBA Position: Congress should quickly move to advance this legislation before the March 31 deadline and use the additional time to address PPP issues related to first-draw increase eligibility, second draws, farm partnerships, Schedule C borrowers, and the Save Our Stages program.
