A sixty-day extension of time has been signed by President Biden to allow businesses additional time to apply for PPP loans. The new PPP Extension Act of 2021 also provides an additional thirty days for the SBA to finish processing applications received by the extended deadline. The new deadline of May 31st gives eligible businesses who have not yet applied for a PPP loan additional time to do so. The program was initially set to end on March 31st, but with $94 billion still available for lending, the extension bill was passed unanimously to provide more time for businesses to apply for PPP funding.
Since the PPP Extension Act does not provide any additional funding for the current round, we encourage you to reach out to your contact at H&M or to your local bank for more information on the Paycheck Protection Program right away if you are interested in applying.