President Biden signed the PPP Extension Act of 2021 into law this week and small businesses around the country now have an additional 60 days to apply for the SBA forgivable loan program. Further, on top of the additional time allowed to apply, the law also gives the Small Business Administration (SBA) an additional 30 days to process loans. Overall since its inception as part of the CARES Act over one year ago, the program has distributed more than $718 billion through over 8.2 million business loans – over 3 million of those loans representing $196 billion have been awarded since the program reopened in January with an additional $284 billion appropriation. The push to extend the life of the program, initially set to expire on March 31, 2021, began in earnest back in February with several changes the Biden administration implemented. These included a 14-day exclusive application window for businesses with fewer than 20 employees, along with updated eligibility rules and a new calculation formula for sole proprietors. Two weeks ago, the measure passed the US House by a near-unanimous vote of 415–3, while the Senate this week gave its blessing by an equally overwhelming 92-7 vote.