Biden extends PPP application deadline to May 31
Photo | Edd Cote
Downtown Worcester
President Joe Biden signed off on Tuesday on a bill extending the deadline for Paycheck Protection Program applications to May 31.
The bill also provides an additional month for the U.S. Small Business Administration to process any backlogged applications.
The SBA opened the second round of PPP funding on Jan. 11, at which point $284 billion had been authorized for the program.
The PPP was established as part of the March 2020 Coronavirus Aid, Relief, and Economic Security Act, and has been a lifeline for business around the country, including Massachusetts.
Under a December law, small businesses employing 300 or fewer people and which experienced at least a 25% gross revenue loss between comparable periods in 2019 and 2020 because of the coronavirus pandemic are eligible to apply for a second PPP loan. The formula used to calculate maximum forgivable loans for second loans was also enhanced for restaurants and hotels to equal 3.5x average monthly payroll.
Small business owners who didn’t receive a PPP loan during the first funding round are also eligible to apply.
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