Business and Transactions - March 23, 2021 - PPP Expires March 31, 2021 - Legislation Pending to Approve Extension; SBA Issues Updated First and Second Draw Applications

Sep 19, 2026

Information memo dated March 23, 2021 addresses the status and timing of the Paycheck Protection Program (PPP), noting it is set to expire March 31, 2021 while an extension act passed in the House awaits Senate action. It explains that eligibility was expanded and that the SBA updated First and Second Draw PPP applications, including a “per location” exception for certain entities. It outlines use of the updated forms for applying through lenders and offers attorney support, with a general-information and non-legal-advice disclaimer.

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PPP status and expiration

SBA eligibility expansion and application updates

First Draw and Second Draw application forms

Extension legislation outlook

Legal support and disclaimer

INFORMATION MEMO BUSINESS AND TRANSACTIONS MARCH 23, 2021 PPP Expires March 31, 2021 (Legislation Pending to Approve Extension); SBA Issues Updated First and Second Draw Applications Since President Biden has taken office, eligibility to obtain a First and Second Draw Paycheck Protection Program (PPP) has been expanded. As such, the Small Business Association (SBA) recently updated First and Second Draw PPP applications. Changes to these forms include the “per location” exception for certain entities as established in the American Rescue Plan of 2021 and discussed in our prior information memo available here. The updated First Draw PPP Application Form 2483 for First Draw PPP applicants is available here. Applicants should use this form, or the lender’s equivalent form, when applying for a First Draw loan. The updated Second Draw PPP Application Form 2483-SD for Second Draw PPP applicants is available here. Applicants should use this form, or the lender’s equivalent form, when applying for a Second Draw loan. As of now, the PPP is set to expire on March 31, 2021. However, the PPP Extension Act of 2021 – which would extend the PPP to May 31, 2021 – was passed with bipartisan support in the House of Representatives and is awaiting action in the Senate. The attorneys at Bond, Schoeneck and King can help you determine whether your business is eligible for a First or Second Draw of PPP funds and assist you in the application process. Please contact Jeffrey B. Scheer or the attorney atthe firm with whom you are regularly in contact. Bond has prepared this communication to present only general information. This is not intended as legal advice, nor should you consider it as such. You should not act, or decline to act, based upon the contents. While we try to make sure that the information is complete and accurate, laws can change quickly. You should always formally engage a lawyer of your choosing before taking actions which have legal consequences. For information about our firm, practice areas and attorneys, visit our website, [www.bsk.com](www.bsk.com). • Attorney Advertising • © 2021 Bond, Schoeneck & King PLLC CONNECT WITH US ON LINKEDIN: SEARCH FOR BOND, SCHOENECK & KING, PLLC FOLLOW US ON TWITTER: SEARCH FOR BONDLAWFIRM

FAQs

When is the PPP set to expire, and what extension is pending?

The PPP is set to expire on March 31, 2021. The PPP Extension Act of 2021, which would extend PPP to May 31, 2021, has passed the House and is awaiting Senate action.

What changed in the SBA’s updated First and Second Draw PPP applications?

The memo states the updated forms reflect a “per location” exception for certain entities, as established in the American Rescue Plan of 2021. It also notes the SBA updated both the First and Second Draw PPP application materials.

How should applicants use the updated PPP application forms?

Applicants should use the updated First Draw PPP Application Form 2483 for First Draw loans and the updated Second Draw PPP Application Form 2483-SD for Second Draw loans, or their lender’s equivalent form.

Sep 19, 2026

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