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Deadline for Payroll Protection Program Loans Is Extended

The deadline for cooperatives and other eligible entities to apply for forgivable loans under the Payroll Protection Program (PPP) has been extended. Applications must now be submitted by the borrower and approved by the lender by May 31, 2021, and approved by the Small Business Administration by June 30, 2021. This extension will benefit borrowers whose applications had not been processed by the prior deadline of March 31, 2021 or which were still considering whether they should apply. The eligibility requirements and other terms and conditions of the loans for cooperatives and business entities have not been changed. However, there have been some recent changes to the PPP guidelines for sole proprietors of a business, some of whom may now be eligible for a greater forgivable loan amount than previously.