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Just yesterday, the Senate passed the Paycheck Protection Program (PPP) Extension Act (approved earlier this month by the House), which will extend the PPP application deadline from March 31 to May 31, 2021. It also provides an additional 30 days for the Small Business Administration to finish processing applications timely received by May 31. The legislation now heads to President Joe Biden for his signature, and he is expected to sign the bill into law. The legislation would also give the SBA an additional month to process any PPP loans that came in before the new deadline, essentially giving the agency until June 30.