American Lending Center Approves Paycheck Protection Program Extension Act of 2021

The American Lending Center (ALC) is proud to endorse President Biden’s recent signing of the Paycheck Protection Program Extension Act of 2021. The new law extends the current deadline for applying for PPP loans from March 31 to May 31, 2021. The extension will provide significant relief to many PPP loan applicants after recent rule changes delayed many applications, creating backlogs.

Since the program’s original approval last year, ALC has processed more than 500 PPP loan applications. The majority of these are minority and women-owned businesses. In addition, about 60% of loan recipients are self-employed. Since then, ALC has provided $15 million in relief funds to small businesses across 36 states.

The PPP loan process can be overwhelming for many small businesses. The American Lending Center (ALC) has developed a unique partnership program that helps make the process as seamless as possible for borrowers. The organization works with CPAs and financial advisers who speak multiple languages to help clients navigate the process.

The American Lending Center is a non-bank community lender that focuses on delivering commercial loans to eligible small businesses across the nation. The company has made a significant impact across the country by providing relief funds to 80+ SBA 504 projects. Through this lending practice, the American Lending Center has helped create over 12,000 new jobs in the pre-COVID years. The ALC has approved almost 30,000 PPP loans for small businesses in every state.

Paycheck Protection Loan recipients typically report having 30 employees. They also report an average loan amount of $180,538. This data is published by the Small Business Administration (SBA) and is available to the public. The data has been published in compliance with the Freedom of Information Act and Privacy Act. FederalPay does not modify this data or make any claims regarding its accuracy.