On the evening of March 16, the U.S. House passed H.R. 1799, the PPP Extension Act of 2021, by a vote of 415-3. PIA supports this bipartisan legislation and has been advocating for its passage, along with a broad coalition of business groups, which would extend the Paycheck Protection Program (PPP) beyond its current expiration date of March 31, 2021. The PPP Extension Act would delay the PPP loan 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 Small Business Administration (SBA) to process loans that were submitted prior to the new deadline.
PIA is now urging the Senate to pass this bill as soon as possible to ensure the PPP does not expire prematurely, and businesses get the aid they need during these difficult economic times.