Biden extends PPP loan application deadline for small businesses to May 31

President Joe Biden on Tuesday signed legislation extending the period small businesses have to apply for forgivable loans to help offset costs of the coronavirus pandemic, hailing it as a “bipartisan accomplishment.” Biden, in a brief Oval Office ceremony, said he was proud to sign the legislation, saying without it people would lose jobs. The legislation will extend the deadline for the Paycheck Protection Program to May 31 from March 31, giving businesses two additional months to apply.