It's official. Yesterday, President Biden signed the Paycheck Protection Program (PPP) extension into law, extending the program through May 31, 2021. The PPP program was originally set to expire today, March 31st.
PPP Extension Signed 1 Day Before Expiration
Before signing the PPP Extension bill, which was approved in the Senate last week, President Biden said:
"Without signing this bill today, there are hundreds of thousands of people who would lose their jobs, and small family businesses that might close forever."
The Small Business Administration (SBA) also released a statement praising the extension. Isabel Guzman, the new head of the SBA, said:
“Today, President Biden sent another strong message to America’s more than 30 million small business owners negatively impacted by the pandemic: help is here. By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the President is providing additional critical relief to the smallest of the small businesses – the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.
Are you still waiting for a PPP loan?
If you're still waiting for a PPP loan this means you now have 2 months to continue to pursue approvals with lenders, or apply for the first time.
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