Washington D.C. (March 11, 2021)-– Today, a bipartisan group of legislators introduced the Paycheck Protection Program (PPP) Extension Act, which would extend the March 31, 2021 PPP deadline by two months and provide the U.S. Small Business Administration with an additional 30 days to process loans submitted by the new May 31, 2021 deadline.
Alfredo Ortiz, president and CEO of the Job Creators Network, released the following statement:
“Main Street small businesses can now see the light at the end of the pandemic tunnel, yet many stores and restaurants are still contending with reduced customer traffic due to Covid-19 and the associated government restrictions. By providing employers with forgivable loans, the Paycheck Protection Program has been a lifeline for more than five million businesses across the country. Extending the PPP loan filing deadline by two months will provide even more small businesses with the bridge they need to survive to the post-pandemic future where they can benefit from pent-up customer demand. This bill will give small businesses added time to claim the roughly $120 billion in unused PPP funds that remain, helping as many struggling small businesses as possible. This legislation is the result of Congress working in a bipartisan fashion to do what’s right — exactly what American small businesses want and need from their elected representatives.”