UPDATED, APRIL 5, 2021: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law extending the Paycheck Protection Program from March 31, 2021, to June 30, 2021. However, the SBA may not accept new lender applications for first draw or second draw ppp loans submitted after May 31.
Moreover, can you go to jail for PPP loan?
Small Business Administration.” The Small Business Administration (SBA) is the agency responsible for administering the PPP. Violations of Section 1014 carry the potential for up to a $1 million fine and 30 years of federal imprisonment.
Likewise, how many times can you get a PPP loan?
There is a limit of one PPP loan per tax ID. If your second business has a separate unique EIN, it’s eligible to apply for the PPP as well.
Is PPP extended to July 2021?
The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. … The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral.
Is there a deadline to apply for the PPP loan?
First PPP Loan Forgiveness Deadline is August 30, 2021
Your deadline for submitting a PPP loan forgiveness application ends 10 months after your covered period ends. The common ending date for the covered period for the first round PPP loan draws was October 30, 2020.
What if I missed the PPP forgiveness deadline?
Missing the deadline will initiate monthly payments with interest. After the deadline, borrowers may still seek forgiveness up until their loan matures, which could be either two or five years.
What is the deadline for second PPP loan forgiveness?
For example, a borrower whose 24-week covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.
Will PPP be extended again after May 2021?
The PPP Extension Act of 2021, which became law on March 30, extends the PPP application deadline to May 31, 2021. … The SBA will continue to accept applications for loans submitted by community financial institutions until this set-aside is exhausted or May 31, 2021, whichever is earlier.
Will there be a PPP Round 3?
A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. … Business owners can still apply for an EIDL loan but PPP loans are no longer available.
Will there be another PPP loan in 2021?
There Won’t Be Another PPP Loan in 2021, but Other Programs Can Help. The SBA (Small Business Administration) isn’t planning another round of PPP (Paycheck Protection Program) loans. Still, other programs are available to help your business recoup revenue lost during the COVID-19 pandemic.