Earlier this week, President Joe Biden signed the PPP Extension Act of 2021, extending the Paycheck Protection Program an additional two months to May 31.
“Nearly 90,000 business owners are still in line, and there’s money left,” Biden said. For operators who have applied and are still waiting for a decision, the new law also gives the U.S. Small Business Administration an additional 30-day period to process applications that are still pending.
As of March 28, the program has approved more than 8.7 million loans totaling more than $734 billion since it was created last year, according to Small Business Administration data. For all 2021 loans by the program, 78.4 percent are for $50,000 and under, and the average loan is $59,000.
In late February, the Biden administration announced several additional changes to the program aimed at making the distribution of loans more equitable.