Businesses and banks received a two-month extension to apply for Paycheck Protection Program loans this week, as President Joe Biden signed legislation delaying the deadline for the latest round of PPP loans from March 31 to May 31.
This week’s extension takes some of the pressure off bankers and businesses, says Steve Yeakel, president and CEO of the Virginia Association of Community Bankers. So far in this 2021 round, he says, Virginia banks have written nearly 65,000 PPP loans totaling $4.49 billion.
This round of PPP loans is more targeted, with some additional challenges that come with second-draw loans, he says: “But at the end of the day, more money is getting to more people who really need it.”
