The PPP loan application deadline has been extended. Congress recently passed a deadline extension for PPP loan applications until the end of May that allows us to resume accepting applications. Here’s what you need to know about submitting an application.
As of 3/31/21
Monday, February 22, the White House announced PPP loan changes to help small firms, which:
For more details about these changes, read the full White House announcement.
Applications are taking longer to be approved right now – especially for second round PPP loans – for a few reasons:
If you’ve already submitted an application and additional information is needed, you should have received an email from us notifying you about the required documentation.
If your application is returned to us after we submit it, we’ll quickly reach out to you address the issue.
Please know that we’re doing all we can to move as quickly as possible. We understand how important this funding is for your business.
If you have an existing loan – or applied for a PPP loan in the past that was returned – here are some of the notable changes:
Those who have already received a PPP loan may be eligible for another loan which is being referred to as a “second draw loan”. However, these second draw loans have fairly strict requirements.
Types of businesses or organizations previously ineligible to apply for a loan but now able to apply include:
Businesses that are now ineligible to participate in PPP (including both first and second draw loans) going forward include businesses whose stock or other ownership interests are publicly traded and businesses in which a member of Congress or head of any federal executive agency (or his or her spouse) owns a controlling interest.
Although there are many changes as a result of the newly passed Act, some things remain the same for PPP loans
*As of 1/13/21, details are subject to change based on additional guidance from the SBA.