In yet another landmark decision, on Thursday, March 25th, the Senate passed House bill H.R. 1799, also known as the PPP Extension Act of 2021 extending the federal PPP Program through May 31st. As of the date of this article, around $79B in funds are expected to be available at the current lending rate through mid-April.
For small businesses, including Schedule C filers, this comes as welcoming news as many businesses still have not received PPP funds yet or are still waiting to apply. The previous deadline of the program was set to end on March 31st, 2021. The updated provisions within the Act do not provide any additional funding, however it does extend the date for the SBA to process applications which are filed by May 31st for another 30 days. Per initial guidance provided within the Consolidated Appropriations Act, the PPP program may end before May 31st if all funds have been exhausted, therefore those planning to apply should still do so as soon as possible.