March 26, 2021
Paycheck Protection Program Extended
While the Paycheck Protection Program was due to end on March 31, 2021, both the House of Representatives and Senate have now passed legislation that will extend the program by two months to May 31. In addition, the bill, which is headed to President Biden for his signature, gives the Small Business Administration (SBA) until June 30, 2021, to process applications.
According to the SBA, the program has issued 7.5 million loans, totaling nearly $687 billion, to small businesses during the pandemic.
Unfortunately, while the recently passed American Rescue Plan raises the number of employees for eligible non-profits back to 500, including for the Second Chance program, entities would still have to show at least 25% revenue loss in a single quarter, making it less likely for most colleges to qualify for PPP loans.
According to the SBA, the program has issued 7.5 million loans, totaling nearly $687 billion, to small businesses during the pandemic.
Unfortunately, while the recently passed American Rescue Plan raises the number of employees for eligible non-profits back to 500, including for the Second Chance program, entities would still have to show at least 25% revenue loss in a single quarter, making it less likely for most colleges to qualify for PPP loans.
For more information, please contact:
Robert (Bo) Newsome