Biden Signs PPP Extension Act, Deadline Moved to May 31

WASHINGTON, D.C. – President Joe Biden has signed the PPP Extension Act, giving small business an additional two months to borrow from the program.

In addition to moving the application deadline to May 31, the act also allows the Small Business Administration to process applications through June 30. 

“Nearly 90,000 business owners are still in line, and there’s money left. Without somebody signing this bill today, there are hundreds of thousands of people who could lose their jobs, and small and family businesses that might close forever,” Biden said during a signing ceremony Tuesday. “We’re pushing lenders to raise their game and provide more help to many small businesses. As you know, particularly Hispanic, as well as African American small businesses are just out of business because they got bypassed the first time around. … Today, I’m proud to sign the extension of the Paycheck Protection Program. It is a bipartisan accomplishment. 

As of March 28, the SBA has approved 3,584,826 loans totaling $211.8 billion in the current round of PPP funding. In the December coronavirus relief package, the program was allotted $284 billion.

“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” said SBA administrator Isabella Casillas Guzman in a statement. “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 – keep our local and regional economies going.”

Copyright 2021 The Business Journal, Youngstown, Ohio.