PPP Application Deadline Moving to May 31

Applications for the Paycheck Protection Program (PPP) will now be accepted through May 31, 2021. The extension from the original March 31 deadline was passed by the House and Senate and has moved on to President Biden for signature. Health centers are eligible for First Draw PPP Loans if they have 500 or more employees but fewer than 500 employees per location. Existing PPP borrowers that did not receive loan forgiveness by Dec. 27, 2020, can reapply for a First Draw PPP loan. If borrowers previously returned some or all of their First Draw PPP loan funds, they may request to modify their First Draw PPP loan amount if they did not accept the full amount for which they were eligible. Second Draw PPP Loans are only available to entities that have received, plan to use, or have used the First Draw PPP loan for authorized uses in its entirety. Entities must have no more than 300 employees per location and can demonstrate at least a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020.