President Biden signed legislation yesterday extending the application period for PPP loans.
The deadline for PPP applications moves from March 31 to May 31, 2021, giving businesses an two additional months to apply. The legislation also gives the SBA an additional 30 days to process loans.
The PPP provides small businesses with federally backed loans that can be fully forgiven, essentially turning them into grants.
If you haven't yet applied for a PPP loan and now wish to do so, please reach out to your BGW team for guidance.