Senate passes PPP loan extension of two months through May 31; bill heads to President Biden’s desk
Biden will have to sign the PPP Extension Act of 2021 into law before the March 31 deadline
Joanna Fantozzi, Nation's Restaurant News
Mar 29, 2021
The U.S. Senate passed the PPP Extension Act of 2021 by an overwhelming bipartisan margin on Thursday, extending the Paycheck Protection Program loan deadline by two months from March 31 to May 31. The bill — which now gives the Small Business Administration an additional 30 days to process loan applications — headed to President Biden’s desk, who is expected to sign it into law by the original March 31 deadline.
The vote comes about a week after the U.S. House of Representatives first passed the PPP Extension Act of 2021 before it was passed on to the Senate. The bill, which is designed to help small businesses that are still struggling at this point in the pandemic, has wide bipartisan support. According to CNBC, as of March 21, the SBA has thus far awarded more than 3.1 million loans for a total of $196 billion.
The PPP extension has also received preliminary support from the White House, which introduced changes to the program to better support mom and pop businesses in February, one month after the Paycheck Protection Program reopened on Jan. 11 to new borrowers and select existing PPP borrowers...
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