Although the current deadline for PPP Round 2 loans is March 31st, a deal to extend it for two more months is in the works.
On Thursday, a bipartisan group of lawmakers introduced the Paycheck Protection Program Extension Act, which would push the expiration date to May 31 and give the SBA authority to continue to process pending applications for another 30 days after that. This would be good news especially for sole proprietorships, and single member LLC’s, which have had a hard time obtaining the loans due to the confusing SBA guidelines for these types of entities.
The bill, introduced by House Small Business committee has been introduced. I will update readers on its progress.
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