Senate Should Pass Clean PPP ExtensionMarch 25, 2021
The Senate is scheduled to vote tomorrow on legislation to extend the Paycheck Protection Program (PPP) through May 31. The Senate on Thursday, March 25, will consider mirror legislation to the bill passed last week to extend the the PPP past it’s initial expiration date of March 31.
Senate Majority Leader Chuck Schumer (D-N.Y.) has said his chamber needs to pass the bill by the end of the week, prior to the Senate’s scheduled recess next week. NSBA has endorsed a the measure, S. 723, which would provide straight extension without stipulations. The Senate schedule for Thursday includes time to vote on amendments to S. 723. NSBA is urging Senators to reject these amendments and support S. 723 as-is. The amendments offered would trigger the bill to be sent back to the House where they will almost surely fail.
While changes are needed to the PPP, delaying this extension could cause a major disruption in much-needed capital, especially when such changes can very well be made in the coming weeks after the program is extended.
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.
NSBA is urging all small-business owners to contact their Senators and urge them to support clean passage of S. 723.