The deadline for applications for the second round of Paycheck Protection Program loans has been extended to May 31, 2021, from its original March 31 deadline.
The PPP Extension Act was passed by Congress recently and signed by President Joe Biden on March 30.
“The existing March 31 deadline does not allow enough time for newly eligible farmers and ranchers to apply, nor does it adequately account for the required eight-week waiting period between first draw approval and second draw applications,” AFBF President Zippy Duvall said in a letter urging Congress to extend the deadline
The PPP is a low-interest Small Business Administration loan program that helps small businesses keep employees on their payrolls, which includes farmers and ranchers. If the funds distributed are used for eligible expenses and employee retention criteria is met, the SBA will forgive the loans.
American Farm Bureau continues work with Congress and the SBA to ensure all self-employed farmers have access to the program.