Employers that need help covering payroll costs during the pandemic will have an additional 60 days to file a Paycheck Protection Program (PPP) application under a bill President Joe Biden signed into law on March 30.
The application period was set to close on March 31, but the PPP Extension Act of 2021 gives eligible employers until May 31 to apply.
The PPP is designed to help struggling businesses with 500 or fewer employees keep workers employed during the COVID-19 crisis by providing loans that are forgivable if certain criteria are met. The program aims to “provide a direct incentive for small businesses to keep their workers on payroll,” according to the U.S. Small Business Administration (SBA), which oversees the program.
