Today, March 31, 2021 President Joe Biden signed the PPP Extension Act which will extend the Paycheck Protection Program (PPP) deadline from today to May 31, 2021, and then provide an additional 30-day period for the SBA to process applications that are still pending.
Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration, 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.
The leadership of the Biden-Harris Administration, working with leaders of the House Small Business Committee, Chairwoman Nydia Velázquez, and Ranking Member Blaine Luetkemeyer, Reps. Carolyn Bourdeaux and Young Kim, and Senate Small Business and Entrepreneurship Committee Chairman Ben Cardin, and Senators Jeanne Shaheen and Susan Collins, ensured a strong bipartisan vote to extend this critical relief to hard-hit small businesses. More than 8.2 million PPP loans have provided struggling small businesses with the relief they need to keep workers employed and make ends meets during this pandemic. The SBA remains dedicated to reaching the heart and soul of the nation’s urban, rural, and low-income communities – the smallest businesses – and removing barriers to access this vital relief.”
Anderson Jones attorneys assist small business owners on a variety of issues. If you have a question regarding this topic or any other business matter, please contact Anderson Jones Attorneys by email or phone at (919) 277-2541.