The Big “I" strongly supported congressional passage of the Paycheck Protection Program Extension Act, which the U.S. Senate passed earlier today. The bill now heads to President Biden's desk where he is expected to sign the bill into law.
Earlier this afternoon, the U.S. Senate passed H.R. 1799, the “Paycheck Protection Program Extension Act," by a vote of 92-7. The legislation previously passed the U.S. House of Representatives and will now head to President Biden's desk where he is expected to sign the bill into law. The Big “I" strongly supported congressional passage of the legislation.
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.
Last 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 legislation making its way through Congress, 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.
Wyatt Stewart is Big “I" assistant vice president of federal government affairs.