People also ask
Are PPP loans still available in 2021?
However, that money was gone within two weeks, resulting in the second round of funding totaling $320 billion. After round two loans had ended in August of 2020, the CAA authorized the third round of PPP loans. 1 However, those funds were depleted, and as of May 31, 2021, the PPP program is no longer available. 2
What happened to the PPP loan?
The PPP was included as a part of the CARES Act originally signed into law in March 2020. The PPP quickly ran out of funds for both the First Draw and Second Draw. The first round of PPP loan funds was exhausted quickly .
What is the third round of PPP loans?
A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. Changes made by the Biden administration provide targeted assistance to very small businesses and previously underserved individuals.
Is the PPP still open for applications?
The PPP officially closed to new loan applications on May 28. The original deadline to apply was May 31, but the SBA (Small Business Administration) ended up closing applications early due to the high volume of applications and minimal remaining funding available.