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Congress Passes $15 Billion Paycheck Protection Program Extension for Small Businesses

March 31st, 2021

Congress has voted to extend the Paycheck Protection Program (PPP) giving small businesses two additional months to apply for forgivable loans. The measure extends the original March 31 deadline to May 31. The boost in the program's price tag is in preparation of the expected increase in demand for loans, according to the Congressional Budget Office on March 16. The legislation will not require new appropriations from Congress, as $119 billion in unspent funds have still been available as of March 7. President Biden is expected to sign the bill into law.

The Small Business Administration (SBA) will now have until June 30 to process new loan applications, assuring that any currently pending loans will be processed. 

Those interested in applying for the loan can get started by filling out the email contact form here. Make sure to select “PPP Loan Request” on the “Email” drop down tab, include your name and email address, and list your business name as a comment.

We are here for our Business members and are ready to support you with the services, solutions, and resources you need to manage your business during COVID-19.

For more information regarding the second wave of PPP loans, please refer to the following resources:

The Paycheck Protection Program is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the SBA with rules, requirements, protocols and processes that all participating banks and credit unions, including Campus Federal, must follow.

All applications, information and correspondence about the PPP at Campus Federal occur online and through email, including the application process, submission of required documents, and follow up correspondence. 

*All information herein is based on our current understanding of the terms and conditions applicable to the Paycheck Protection Program (PPP) as set out in the Congressional Act, and is subject to further interpretation and clarification as regulations and guidance are issued by various regulatory agencies, including the SBA.

Information from https://www.inclusiv.org/