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The Senate on Thursday passed the PPP Extension Act of 2021 with overwhelming support, extending the deadline for the Paycheck Protection Program to May 31 from March 31.
Passage of the PPP extension came about one week after the House approved the bill, which will next go to President Joe Biden to sign. In addition to pushing back the deadline for applications by two months, the measure gives the Small Business Administration an additional 30 days to process loans.
Back to back first and second draw.
If you asked for a First and Second draw then we will process your Second Draw application after you have received your First Draw funding. The SBA requires that your First Draw loan also be statused correctly in their system prior to submitting a Second Draw application. Neither you nor Womply can speed up this process. You should not start a new PPP Fast Lane application for your Second Draw (this will just cause duplicates in our system). And you should not attempt to apply for a Second Draw with another lender (you’ll be rejected by SBA). Do not contact our support team about this or ask for it to be sent earlier.
Not financial advice, for educational purposes only.
