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News March 17, 2021

Lawmakers propose extending PPP deadline

Lawmakers in the House and Senate have introduced a proposal to extend the Paycheck Protection Program’s deadline by two months to May 31, according to www.constructiondive.com. The PPP is set to end March 31.

The proposal was introduced March 11 by House Small Business Chair Nydia Velázquez (D-N.Y.) and Rep. Blaine Luetkemeyer (R-Mo.). Senate Small Business Chair Ben Cardin (D-Md.) and fellow committee members Sens. Susan Collins (R-Maine) and Jeanne Shaheen (D-N.H.) unveiled companion legislation that same day mirroring the House bill.

The House passed the bill March 16, but the Senate still will need to pass the companion legislation.

“The demand for PPP loans right now is a testament to the program’s effectiveness and the lingering impacts of this pandemic,” Velázquez said in a statement. “That’s why we cannot cut off aid now and this short-term extension is so important. 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 apply for a PPP loan, and the Small Business Administration will have until June 30 to close pending applications.

Since the program launched, the SBA has approved 7.6 million PPP loans totaling $687.3 billion as of the week of March 8.

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