WASHINGTON (BRAIN) — The Paycheck Protection Program has been extended another 60 days until May 31 for small-businesses owners to apply for financial assistance in the wake of the COVID-19 pandemic.
President Joe Biden signed the extension into law on Tuesday. The Senate sent the bill to Biden on March 26 after the House approved it on March 16. The extension also includes an additional 30-day period for the Small Business Administration to process applications still pending.
The latest round of COVID-19 funding, part of the American Rescue Plan that began in January and authorized up to $284 billion toward job retention and other expenses, was scheduled to end Wednesday. The latest round also allows certain existing borrowers to apply for a second loan.
PeopleForBikes has been offering industry loan resources to retailers since the pandemic began last year.
"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. "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."
The American Bankers Association and nine other financial services sent a letter to the House and Senate Small Business Committee leaders earlier this month urging the program to be kept open long enough for all applications submitted by Wednesday's deadline to be processed and funded.
