This afternoon, the President signed the PPP Extension Act of 2021. Borrowers will now be able to submit applications for Paycheck Protection Program (“PPP”) loans through May 31, 2021. The Small Business Administration will be permitted to process such applications through June 30, 2021, but will not be permitted to accept new applications after May 31, 2021. The PPP had been set to expire on March 31, 2021.

If you have any questions concerning the above alert, please contact either Thomas L. Hofstetter, Heidi Hoffman-Shalloo or Robert F. McAnanly, Jr.

DISCLAIMER: This Alert is designed to keep you aware of recent developments in the law. It is not intended to be legal advice, which can only be given after the attorney understands the facts of a particular matter and the goals of the client.