The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.

The additional 60 days provided by the bill will greatly help small businesses, not-for-profits, and the CPAs that serve them complete existing PPP loan applications and file new ones. The extension act also provides the SBA time to address significant loan application process challenges, including confusing validation and error codes, delayed guidance, and changes to the PPP loan amount calculation for self-employed borrowers.

Read all about it here.