By: Scott Borsack
The second round of the Paycheck Protection Program, as created by Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act is due to close on March 31, 2021, which is next week. The United States House of Representatives last week passed a bill which would extend the application period to May 31, 2021 and would have the Small Business Administration until June 30, 2021 to process applications and issue second round funds. Similar legislation was crafted in the United States Senate. In order to pass in the Senate, 60 senators must vote in favor of the Bill. So far the Senate bill has not gained sufficient votes to advance. Though we are hopeful that at least 60 Senators will come together in time to extend the filing and processing deadlines, there are no guarantees. Potential borrowers who have not submitted applications with a lender yet would be well advised to do so and not depend on legislative action to extend the deadline.
For more information on the Paycheck Protection Program you can visit our resource page.
Scott Borsack is a partner with Szaferman Lakind and chair of the Business Department. To contact Scott please email him at firstname.lastname@example.org or call 609.275.0400.
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