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Bill extends PPP deadline to May 31

Hawaii small businesses have two more months to apply for Paycheck Protection Program loans after the U.S. Senate voted to pass a bill extending the program, Hawaii U.S. Sen. Brian Schatz announced Thursday.

The bill, which is expected to be signed into law in the coming days, extends the deadline to apply for a PPP loan from March 31 to May 31.

“This will give our local businesses more time to get help and access billions of dollars in new federal relief funding,” Schatz said in a news release.

Earlier this month, President Joe Biden signed a law that added $7.25 billion in new PPP funding to help small businesses and nonprofits maintain their existing workforce and pay for other expenses like rent, mortgage and utilities.

Hawaii small businesses and nonprofits have received more than $1.1 billion in PPP loans so far in 2021, adding to the $2.5 billion they received in 2020, according to Schatz.

For a resource guide with details on how to access PPP loans and other federal relief, visit schatz.senate.gov/coronavirus/.

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