Originally published on April 14, 2020. Last updated as of April 8, 2021.
On March 30, 2021, the PPP Extension Act, which extends the Paycheck Protection Program until May 31, 2021, was signed into law. The PPP Extension Act gives applicants two additional months to apply for a first draw or second draw PPP loan and gives the SBA until June 30, 2021 to process loan applications. This extension comes on the heels of the American Rescue Plan Act, which made several other changes to the Paycheck Protection Program, all of which are reflected in the latest iteration of Paycheck Protection Program – Where Are We Now.
This up-to-date guide summarizes the key terms of the PPP, including with respect to the forgiveness aspect of the program, and addresses various issues and frequently asked questions that Proskauer attorneys have been dealing with.
* * * * *
Proskauer’s cross-disciplinary, cross-jurisdictional Coronavirus Response Team is focused on supporting and addressing client concerns. We will continue to evaluate the American Rescue Plan Act, the CARES Act, the Consolidated Appropriations Act, 2021, related regulations and any subsequent legislation to provide our clients guidance in real time. Please visit our Coronavirus Resource Center for guidance on risk management measures, practical steps businesses can take, and resources to help manage ongoing operations.