Wisconsin's Paycheck Protection Program Deadline in Limbo

Wednesday, March 24th, 2021 -- 1:01 PM

A bill to move the Paycheck Protection Program application deadline from March 31 to May 31 passed in the House of Representatives last Tuesday.

According to the Wisconsin Small Business Development Center, the bill is now in the Senate, but several changes to the bill have been proposed. All seem to agree there is a need to extend the application deadline but there is some disagreement on some of the other details in the House bill.

As the deadline approaches, the SBDC talked to two bankers on Monday to clarify their approach to the application deadline.  Both stated if you are looking to apply for a PPP loan before March 31 you need to keep in mind that the March 31 filing deadline is for any PPP loan the SBA approves by 11:59 PM on March 31.

Given the banks need lead time to process the applications, get them submitted to the SBA and get the SBA to review and respond back before 11:59 on March 31, you need to apply right now.

One banker stated his bank will stop taking applications on Friday, March 26 of this week unless the legislation is enacted that extends the application deadline. Check with your bank today.

Feel free to contact us with questions and/or comments.