The legislation extends the Paycheck Protection Program to May 31 and provides an additional 30 days for the U.S. Small Business Administration to process loans submitted prior to the new deadline.
Earlier this week, the U.S. House of Representatives passed H.R. 1799, the “Paycheck Protection Program Extension Act" by a vote of 415-3. The Paycheck Protection Program (PPP) is currently set to expire on March 31. This legislation extends the deadline to May 31 and provides an additional 30 days for the U.S. Small Business Administration (SBA) to process loans submitted prior to the new deadline.
Earlier this week, the SBA reported that $92.5 billion remained available in the PPP, including $7.25 billion that was added as part of President Biden's COVID-19 relief legislation.
Prior to the vote, House Committee on Small Business Chair Nydia Velázquez (D-New York) and Ranking Member Blaine Luetkemeyer (R-Missouri) reached the agreement to extend the deadline for the PPP. Rep. Luetkemeyer will be speaking during the Big “I" Virtual Legislative Conference, which will take place April 13-16.
Earlier this month, the Big “I" urged Congress to extend the program so more small businesses would have access to the PPP.
The legislation now heads to the U.S. Senate where its future currently remains uncertain. As more information becomes available regarding Senate action on a PPP extension, we will continue to provide members with updates in the weekly News & Views e-newsletter.
Wyatt Stewart is Big “I" assistant vice president of federal government affairs.