March 12, 2021—Small business advocates are pushing for an extension of the March 31 deadline to apply for a loan from the Paycheck Protection Program, the Wall Street Journal reported.
Citing recent changes made to the program and delays in processing applications, advocates believe the extension would give lenders more time to implement the administration's recently announced changes and inform small businesses about how the revisions could benefit them.
"I think the need is definitely out there," John Arensmeyer, chief executive of the Small Business Majority, an advocacy group, told the publication. "I just think it takes time, particularly for people who aren't well-banked and who aren't really well-connected to the system, to navigate it," he added.
As of March 7, the Small Business Administration had approved 2.4 million loans totaling roughly $165 billion, or nearly 60 percent of available funds, for loans to first-time and returning borrowers under the reopened program, according to agency data.
To learn more about the second round of PPP click here.