August 9, 2021
SBA's 2nd Notice: Everything You Need to Know About the Extended Paycheck Protection Program
On April 8th, the Small Business Administration issued a Second Notice to lenders regarding an important modification made to the March 30, 2021 SBA Procedural Notice 5000-20074 and SBA Forms 3506, 3507, and 750.The modification contains a key restriction, “which provides from that from June 1, 2021 through June 30, 2021, SBA shall not accept new Paycheck Protection Program (“PPP”) Loan guaranty applications from lenders and shall only process PPP Loan guaranty applications submitted by lenders to SBA before June 1, 2021.”