PIA is working with a large coalition of business groups to support legislation that would extend the timeframe in which small businesses can apply for Paycheck Protection Program (PPP) loans and in which the Small Business Administration (SBA) may process the applications.
The push to pass the PPP Extension Act of 2021 is led by a bipartisan group of policymakers, including Rep. Nydia Velazquez, (D-NY), chairwoman of the Small Business Committee, and Rep. Blaine Luetkemeyer (R-MO), the committee’s ranking member. The Senate bill is being sponsored by the chair of the Senate Small Business Committee, Ben Cardin (D-MD), and Sen. Susan Collins (R-ME).
The PPP is currently scheduled to expire on March 31, 2021. The bipartisan PPP Extension Act would delay the application deadline by two months, creating a new end date of May 31, 2021, and it would provide an additional 30 days beyond May 31 for the SBA to process loans that were submitted prior to the new deadline.
PIA has urged Congress to provide as much time as possible for small businesses to apply for PPP loans. We encourage Congress to pass the PPP Extension Act of 2021 before the current March 31 end date. If necessary, we will encourage future PPP extensions to ensure businesses get the aid they need during these difficult economic times.