Plan Afoot to Extend PPP Deadline to May 31
WASHINGTON – A bipartisan bill to extend the Paycheck Protection Program to May 31 is gaining support in the House and the Senate and will likely be voted on before lawmakers head back to their districts at the end of the month.
The proposal to extend the small-business relief program was made by House Small Business Chair Nydia Velazquez, D-N.Y., and Blaine Luetkemeyer, R- Mo. A companion bill has been introduced in the senate by Sens. Susan Collins, R-Maine, and Jeanne Shaheen, D-N.H.
Without the bill or a similar measure, the program would end March 31. The House is expected to vote on the bill this week before members leave, not returning until mid-April.
“The demand for PPP loans right now is a testament to the program’s effectiveness and the lingering impacts of this pandemic. That’s why we cannot cut off aid now and this short-term extension is so important,” Velázquez said in a statement. “The bill will go a long way in helping small businesses provide for their employees and keep our economic recovery moving.”
Under the PPP Extension Act, small businesses will have two additional months to submit an application for a PPP loan, and the Small Business Administration will have until June 30 to close pending applications.