President Joe Biden signed into law ICBA-advocated legislation to extend the Paycheck Protection Program ahead of its scheduled expiration.
Background: Previously, any PPP application not approved by March 31—even if it was submitted prior to that date—could not receive PPP funds. The new law allows borrowers to apply for loans through May 31 and gives the SBA until June 30 to consider applications.
ICBA Position: ICBA strongly supported the two-month extension to ensure small-business and nonprofit applicants are not stranded by an abrupt shutdown.
What's Next: With the PPP extended, ICBA continues urging Congress and the SBA to make program fixes related to eligibility, use of proceeds, farm partnerships, and Schedule C borrowers.