Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

March 26, 2021

Congress approves extension of PPP program deadline

Photo | HBJ File The deadline to apply for the latest round of PPP funds was originally set for March 31, but both the U.S. House and Senate have approved a bill that extends the deadline until May 31.
By Greg Bordonaro

Connecticut companies still looking to get a potential forgivable loan under the federal government’s Paycheck Protection Program will likely have a bit more time.

The deadline to apply for the latest round of PPP funds was originally set for March 31, but both the U.S. House and Senate have approved a bill that extends the deadline until May 31.

President Joe Biden is expected to sign the legislation.

The Small Business Administration, which oversees the program working with private and other lenders, said as of mid-March it had granted 27,295 loan approvals for companies and nonprofits in Connecticut totaling over $2.2 billion.

For the latest round of PPP funding, which began on Jan. 11, SBA has guaranteed nationwide over 2.4 million PPP loans for more than $156.2 billion; 5,185 lenders are participating in the program. This represents an over 200,000 increase in guarantees since last week, with an almost $9 billion increase in net dollars approved during the same time frame.

The PPP provides loans to help businesses keep their workforce employed during the pandemic. Borrowers may be eligible for PPP loan forgiveness.

President Biden recently announced program changes to make access to PPP loans more equitable.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF