PPP is a lifeline to small businesses fighting to stay afloat
WASHINGTON–Today, Congressman Kweisi Mfume of Maryland (MD-07), Vice-Chair of the House Small Business Committee, voted to pass the Paycheck Protection Program (PPP) Extension Act of 2021 which will extend the PPP program through May 31, 2021.
"The economic uncertainty triggered by the pandemic has been especially disastrous to our small businesses. While we are making progress getting cash into the hands of working families and individuals, we must do more to help small businesses get the support they need to reopen and rebuild. This bill extends a lifeline to businesses that, through no fault of their own, are still fighting to stay afloat. America cannot recover until our small businesses are restored. Today we took a necessary step to ensure these businesses don't lose available support," Congressman Mfume said.
Recent changes to the Paycheck Protection Program could put many applicants in danger of not making the existing March 31st authorization deadline.
Under, H.R. 1799, the Paycheck Protection Program (PPP) Extension Act of 2021, small businesses will have two additional months to submit an application for a PPP loan, and the Small Business Administration (SBA) will have until June 30th to close pending applications.
Congressman Mfume is a co-sponsor of the bipartisan legislation which passed in the House 415 - 3. The bill will now head to the Senate.
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Press Contact: Rhonda Craig/202-860-7026