On Mar. 25, Congress passed H.R. 1799, the PPP Extension Act of 2021, to extend the Paycheck Protection Program, which was created to support small businesses affected by the COVID-19 pandemic.
The program was set to expire March 31 but will be extended through June 30. However, for the final month of the program, the Small Business Administration may only process applications submitted before June 1, and it may not accept any new loan applications. Any roofing industry employers who are considering an initial loan or a second-draw loan under the PPP should apply by May 31.
President Biden is expected to sign this legislation into law this week.
