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Regulation and Compliance > Legislation

Biden Signs Bill Extending PPP Loan Application Deadline

By Melanie Waddell

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What You Need to Know

  • Biden says the extension is particularly helpful to Hispanic and African American owned small businesses that were passed over the first time around.
  • The House passed the bill on March 17.
  • The extension provides an additional 60 days to apply for a PPP loan.

President Joe Biden signed into law Tuesday the PPP Extension Act of 2021, bipartisan legislation that would extend the PPP loan application deadline from March 31 to May 31.

“We’re pushing lenders to raise their game and provide more help to the many small businesses … particularly Hispanic and African American small businesses are just out of business because they got bypassed the first time around,” Biden said in televised remarks.

“Without me signing this bill today, there are hundreds of thousands of people that could lose their jobs and small and family businesses that might close forever,” Biden said.

The American Institute of CPAs said in a previous statement that the “additional 60 days provided by the PPP Extension Act will greatly help small businesses, non-profits and the CPAs that serve them complete existing and file new PPP loan applications.”

The House passed the bill on March 17.

The extension “gives the SBA time to update its E-Tran system and issue new guidance,” AICPA said. “In addition, AICPA and its members look forward to Congress also providing retroactive relief to Schedule C filers, who are the smallest of the small businesses.”

Melanie Waddell

@Think_MelanieW

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