Paycheck Protection Program extended through 5/31/21
March 29, 2021Share:
Prepare your business for significant dates surrounding Paycheck Protection Program loan applications, Shuttered Venues Operator Grants and Restaurant Revitalization Fund Grants to determine the most effective course of action for you and your business.
PPP Application Extended
On Thursday, March 25, 2021, Congress passed a bill to extend the loan application deadline for the Paycheck Protection Program (PPP). Once signed by President Biden the PPP Extension Act of 2021 would extend the PPP through May 31, 2021. This gives applicants an additional two months to apply for a first or second draw PPP loan. The bill also allows the Small Business Administration to process lender applications until June 20, 2021.
Shuttered Venues Operator Grants (“SVOG”)
The SBA announced that it expects the SVOG applications to go live on April 8, 2021. In the meantime, those who believe they are eligible should sign up at the application portal to get SBA updates. Also, those interested in the program should attend the SBA webinar on March 30, from 2:30 to 4 PM (register here).
Restaurant Revitalization Fund Grants (“RRFG”)
The SBA expects to start releasing information about the RRFG program between April 1 and April 5. After that, it expects to do a pilot phase of the program with applications going live 30 to 45 days later. Struggling restaurants and other eligible foodservice providers can expect that they won’t see the benefits of this program until about mid-May.
If you have additional questions, please reach out to your Wilkins Miller advisor.