President Joe Biden enacted the PPP Extension Act extension of time for small businesses to apply for funds until June 30.
The bill, introduced by Sen. Ben Cardin (D-Md.), Senator Susan Collins and Senator Jeanne Shaheen (DN.H.) will not only extend the timeframe of the PPP, but also give the Small Business Administration ( SBA) an additional month to process pending PPP requests.
The bill was co-sponsored by more than a dozen politicians, including Senator Roger Marshall (R-Kan.), Senator Dan Sullivan (R-Alaska), Senator Jacky Rosen (D-Nev.), The Senator Lisa Murkowski (R-Alaska), Senator Patrick Leahy (D-Vt.), Senator Ron Wyden (D-Ore.), Senator Thom Tillis (RN.C.), Senator Jon Ossoff (D-Ga .), and others.
More than 100 organizations have also approved the PPP extension, including the United States Chamber of Commerce, the National Federation of Independent Businesses, the American Farm Bureau Federation, and the American Hotel & Lodging Association.
The initial rollout was plundered by the big companies, with the big banks helping their bigger customers. In addition, small businesses owned by minorities and women were largely locked outside of the first round. This prompted the SBA to work with Community Development Finance Institutions (CDFIs) and Institutions Serving Minorities (MSI) to help small minority businesses.
At the end of last month, President Biden announcement Among other things, the Small Business Administration will only accept PPP loan applications from companies with less than 20 employees.
“The PPP has been a huge success, supporting millions of small businesses and tens of millions of American jobs,” Senator Collins said in a statement. Release. “To date, small employers in Maine have received nearly 43,000 forgivable loans to help them stay afloat and continue paying their employees, and our legislation will allow more small businesses to access this lifeline. rescue. I’m glad Congress acted before the P3 expired to avoid a disruption to the program and to give small business owners this crucial two-month extension. I encourage qualifying small businesses that have not yet applied for a first or second PPP loan to contact their financial institution as soon as possible.