On March 30, President Biden signed legislation extending the application period for Paycheck Protection Program (PPP) loans through May 31. In addition, banks now have until June 30 to process PPP applications. Without this extension, the program deadlines would have been March 31. 

This extension received broad bipartisan support in both the House and the Senate. 

LeadingAge members who were considering PPP loan applications now have until the end of May to apply if they so choose. 

As a reminder, the American Rescue Plan extended PPP eligibility to 501(c)(3) organizations with no more than 500 employees per physical location, rather than a 500 employee cap regardless of how many locations the organization operates. This may allow LeadingAge members with multiple sites to access the loans, and with this new extension, they have more time to do so.

Members with questions on PPP may contact Brendan Flinn (bflinn@leadingage.org).