Chairwoman Velázquez, Ranking Member Luetkemeyer, and Representatives Bourdeaux and Kim Applaud Passage of PPP Extension Act
Washington, March 16, 2021
Washington, D.C.— Today, the House vote to pass the bipartisan Paycheck Protection Program (PPP) Extension Act. The bill was introduced by House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY), Ranking Member Blaine Luetkemeyer (R-MO), Congresswoman Carolyn Bourdeaux (D-GA), and Congresswoman Young Kim (R-CA).
The bill includes provisions to extend the PPP application deadline from March 31st, 2021, to May 31st, 2021. Under the bill, the Small Business Administration would also have an additional month, until June 30th, to process applications. If enacted into law, the PPP Extension Act would avoid the lapse of a critical relief program that has provided small businesses with nearly $700B worth of emergency loans to date.
“Based on recent economic data and the demand for PPP loans, it’s clear that small businesses still need support. We are making progress in our public health fight against this virus, but this pandemic continues to impact communities across the country, and we can’t let up on our efforts,” said Chairwoman Velázquez. “By providing small businesses with two more months to apply and giving the SBA an additional month to process applications, we will help ensure critical support isn’t cut off. I thank Ranking Member Luetkemeyer and Representatives Bourdeaux and Kim for their leadership on this bill and encourage our colleagues in the Senate to act quickly to send this legislation to President Biden’s desk.”
“As America begins to open up for business and vaccines become more widely distributed across the country, we must provide targeted relief for small businesses that need it most," said Ranking Member Blaine Luetkemeyer. "This bipartisan legislation provides a commonsense extension to the Paycheck Protection Program and the tools for Main Street USA to contribute to their local economies once again. I would like to thank Chairwoman Velázquez and Representatives Kim and Bourdeaux for their bipartisan leadership on this issue.”
“Today, I am proud that my bipartisan PPP Extension Act passed the United States House of Representatives with an overwhelming margin. This bill originated with local business owners in my District, who came to me with their concerns regarding the PPP application period ending in March. This bill will extend that deadline, allowing more of our small businesses the opportunity to access critically-needed funds. It also creates a one month processing period, to avoid bureaucratic delays in distribution of funds. I thank Chairwoman Velázquez, Ranking Member Luetkemeyer, Congresswoman Kim, all of our cosponsors, and all the supporting organizations for supporting such an important measure,” said Congresswoman Bourdeaux.
“California’s small businesses have been some of the hardest hit in the country by COVID-19 and restrictive lockdowns, leading nearly 20,000 businesses to permanently close. We must ensure the billions in PPP funding left gets directly into the hands of our small business owners,” said Congresswoman Young Kim. “This bill provides our small businesses the opportunity to receive the relief they need to stay afloat as we work to safely reopen our communities during this pandemic. I thank Chairwoman Velázquez, Ranking Member Luetkemeyer and Rep. Bourdeaux for their leadership on this bill. I’m glad our House colleagues came together to pass this commonsense bill and I urge the Senate to take swift action to support our small businesses. I’ll continue to do all I can to get through the gridlock and get things done for my constituents.”