Bipartisan House lawmakers on March 11 announced a deal to extend the Paycheck Protection Program for two months, ensuring funds will reach small businesses beyond March 31.
The new bill, dubbed the PPP Extension Act, would delay the program’s loan application deadline to May 31 and allows the Small Business Administration to process applications for 30 more days beyond that point. The House will vote on the bill next week, according to Politico.
Earlier in the week, the AICPA asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. In a March 9 letter, the AICPA said small businesses risk being unable to apply in time for funding during the current round of funding because of numerous system issues, process changes and recent guidance from the Biden administration.