May 5, 2021

Deadline for PPP Loan Applications Extended to May 31, 2021

On March 30, 2021, President Biden signed H.R. 1799, known as the “PPP Extension Act of 2021,” extending the Paycheck Protection Program (PPP) application deadline by 60 days – from March 31, 2021 to May 31, 2021.  The Act also gives the US Small Business Administration (“SBA”) an additional 30 days – until June 20, 2021 – to process applications received by the new, May 31, 2021 deadline. 

The additional 60 days provided by the Act should help small businesses, not-for-profits, and their lenders complete existing PPP loan applications and file new ones.  The Act should also enable the SBA to address various loan application processing challenges, including confusing validation and error codes and changes to the PPP loan amount calculation for self-employed borrowers.

Cautionary Note:

May 31, 2021 is Memorial Day, a federal holiday, which means the last business day before the application deadline is Friday, May 26, 2021. 

Firm Highlights

News

U.S. News – Best Lawyers Ranks Preti Flaherty Among 2022 Best Law Firms

Preti Flaherty has been named among the 2022 Best Law Firms by the U.S. News – Best Lawyers rankings. To be eligible for ranking, a law firm must have at least one attorney named...

News

Nineteen Preti Flaherty Attorneys Selected for Inclusion in 2021 Super Lawyers

Nineteen Preti Flaherty attorneys have been selected for recognition by Super Lawyers , including eleven Rising Stars. Super Lawyers rates outstanding lawyers throughout the United States in more than 70 practice areas. Only five...

Publication

Changing Control in the Time of COVID: Navigating ‘Change of Ownership’ Prior to PPP Loan Satisfaction.

The Hypothetical Everyone loves a hypothetical, right? So let’s begin with one about Billy Builder: Billy Builder holds 55% of the equity in a construction business he founded way back when the fax machine...

Publication

Maine’s Exemption Laws Are Changing

In March of this year, Representative Denise Tepler (D. Topsham) introduced “An Act To Increase the Value of Property Exempt from Attachment and Execution,” LD 737, which sought to dramatically change Maine’s exemption scheme. ...

Publication

What to do When a Lender Receives a Notice from the Municipality that Mortgaged Property is Going to be Condemned or is in Violation of the Building Code?

Occasionally, a lender will be served a notice from a municipality alerting the lender that a mortgaged property has had unpermitted construction projects, or otherwise violates the municipal building code. The Maine Uniform Building...

Publication

What Financial Institutions Need to Know about Maine Trustee Process

Trustee process is a form of pre-judgment remedy to secure a plaintiff’s ability to collect on the eventual judgment, costs, and interest in litigation. (Me. R. Civ. P. 4B(a)). Under Maine law, through trustee...

News

46 Preti Flaherty Attorneys Selected by Peers for Inclusion in Best Lawyers in America 2022, Including 3 “Lawyers of the Year”

Forty-six Preti Flaherty attorneys have been named to Best Lawyers in America 2022, including four “Ones to Watch” and three “Lawyer of the Year” recipients. Inclusion in Best Lawyers in America is considered a...

Publication

Exemption Issues for Banks in Maine

As we reported this summer, Maine’s exemption laws have now changed.  The legislature updated amounts of exemptions that have existed for some time, but changes to a few are important to banks and other...