On March 25, by a vote of 92-7, the Senate passed H.R. 1799, the PPP Extension Act of 2021, which would extend the Paycheck Protection Program (PPP) loan application deadline to May 31, 2021. The House previously passed the bill on March 16 by a vote of 415-3.
PIA supports this bipartisan legislation and, along with a broad coalition of business groups, has been advocating for passage of the bill, which would extend the PPP beyond its current expiration date of March 31. The PPP Extension Act would delay the 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.
UPDATE: President Biden signed the bill into law on March 30.