President Biden signed into law the PPP Extension Act of 2021 (H.R. 1799). The bill extends to May 31 the Paycheck Protection Program application deadline extends PPP funding through June 30. To be eligible for a second-draw loan, businesses must show a 25% quarterly drop in revenue and make a necessity certification.
- Friday, May 28: Last business day for lenders to submit applications for first- and second-draw PPP loans
- Monday, May 31 (Memorial Day): Last day SBA will accept new lender applications for first- and second-draw PPP Loans
- Wednesday, June 30: Last day for SBA to process lender applications for first- and second-draw PPP Loans submitted by May 31
For related information from the SBA, see:
For more PPP information, see the NADA Coronavirus Hub. Dealers interested in applying for a new PPP loan should consult their attorneys and financial advisors.