President Biden is expected to sign the PPP Extension Act of 2021 that both the House and the Senate have passed. The act extends the quickly-approaching deadline for Paycheck Protection Program (PPP) first and second draw loans from March 31, 2021, to May 31, 2021. The act also gives the Small Business Administration until June 30, 2021, to process PPP applications submitted by lenders.
For more information regarding PPP loans, click here.
If you have any questions regarding the content of this alert, please contact Danielle Katz, associate, at dkatz@barclaydamon.com; or another member of the firm’s Financial Institutions & Lending Practice Area.
We also have a specific team of Barclay Damon attorneys who are actively working on assessing regulatory, legislative, and other governmental updates related to COVID-19 and who are prepared to assist clients. Please contact Yvonne Hennessey, COVID-19 Response Team leader, at yhennessey@barclaydamon.com or any member of the COVID-19 Response Team at COVID-19ResponseTeam@barclaydamon.com.