PPAI Joins Business Community In Calling On Congress To Pass PPP Extension Act Of 2021
PPAI has joined the International Franchise Association (IFA) and 92 other groups representing small business borrowers and lenders in announcing their support of the bipartisan PPP Extension Act of 2021, urging Congress to extend the Paycheck Protection Program (PPP) filing deadline by two months, to May 31, to help businesses keep their workforce employed during the current health crisis.
Currently, the Paycheck Protection Program is set to expire on March 31. The bipartisan Paycheck Protection Program Extension Act would extend that deadline by two months and provide an additional 30 days for the U.S. Small Business Administration (SBA) to process loans submitted prior to the new May 31 deadline.
“While billions of dollars remain in the PPP, many borrowers are currently bogged down by delays in loan approvals at the SBA through no fault of their own. The PPP Extension Act of 2021 is critical for small businesses and their employees. Congress should immediately pass it before leaving town and allowing the PPP application deadline to expire at the end of the month,” says Matt Haller, IFA senior vice president of government relations and public affairs. “Keeping our workforce employed will offer our nation the best chance to make a full recovery.”
Along with PPAI, letter signatories include IFA, the American Bankers Association, the American Farm Bureau, the American Hotel and Lodging Association, Associated Builders and Contractors, Consumer Bankers Association, Economic Innovation Group, National Association of Home Builders, NFIB, National Restaurant Association, National Retail Federation, Small Business and Entrepreneurship Council, Small Business Majority, U.S. Chamber of Commerce, and the U.S. Travel Association, among others.
The legislation was introduced by Congresswoman Carolyn Bourdeaux (GA-07), House Committee on Small Business Chairwoman Nydia M. Velázquez (NY-07), House Committee on Small Business Ranking Member Blaine Luetkemeyer (MO-03), and Congresswoman Young Kim (CA-39). A companion bill was introduced in the Senate by U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-MD) and Senators Susan Collins (R-ME) and Jeanne Shaheen (D-NH).