The PPP Extension Act of 2021, Pub L No 117-6, 135 Stat 250 (2021), signed by President Biden on March 30, 2021, extended the Paycheck Protection Program (PPP) to June 30, 2021. The application deadline is now May 31, 2021. The deadline applies to both first-time applicants and second-draw borrowers. The Small Business Administration (SBA) has an additional 30 days to process applications received by May 31.
The PPP Extension Act does not provide any additional funding for the current round of the PPP. At the current lending rate, the SBA could exhaust its existing appropriations by mid-April. From January 11 to March 21, the SBA had approved more than 3.1 million loans for approximately $196 billion.