Biden Signs 2-Month Extension to PPP Loan Program

Flanked by Vice President Kamala Harris (L) and Administrator of the Small Business Administration (SBA) Isabella Casillas Guzman (R), U.S. President Joe Biden signs the Paycheck Protection Program (PPP) extension in the Oval Office of the White House in Washington, on March 30, 2021. Doug Mills-Pool/Getty Images

President Joe Biden on March 30 signed a two-month extension to the Paycheck Protection Program (PPP), which was created to help small businesses keep their workers employed during the COVID-19 pandemic.

The measure (pdf), called the PPP Extension Act of 2021, extends the deadline to apply for a PPP loan to May 31, and gives the Small Business Administration until June 30 to process the applications and authorize the loans.