working visa extension in China

Hi, I am currently working in PRC as a singer in a band. My band and I have all the legal papers and working Z type. Our boss extended our contract for another year. The problem is, our working permit is still on process. It was delayed because they closed during chinese new year. Now, we only have 2 days left in our working Z type. ( our Z type will finished on Feb.29,2016) My question is, if our working permit don't come out on the 29th of Feb, can the PSB give us an extention? Enough to wait for the release of our working permit? If posible, what are the requirements needed? Please response as soon as possible. Thank you so much.