House Approves PPP ExtensionMarch 17, 2021
Late Tuesday, March 16, the U.S. House of Representatives approved legislation to extend the Paycheck Protection Program (PPP) 413:3. The bill, the PPP Extension Act of 2021, would extend the PPP through May 31, it is currently set to expire on March 31, 2021. NSBA has endorsed this legislation.
Some banks providing loans under the PPP are already beginning to close down their application portals in order to process all the requests and clear government fraud checks in time by the end of the program.
Many businesses, as well as banks, are advocating for an expansion of the program beyond the end of March, arguing that struggling employers need more time to obtain the funds. The American Rescue Plan appropriates an additional $7.25 billion for the PPP and expands eligibility encompass 501(c) organization and internet news publishers, but it does not change the expiration date of the program.
NSBA strongly supports this legislation and been outspoken on the need to extend the PPP. Please click here to complete our action alert on the bill.