This bill — the PPP Extension Act of 2021 — would extend the application window for small businesses seeking forgivable loans under the Paycheck Protection Program (PPP) from its current deadline of March 31, 2021, to May 31, 2021. It would also give the Small Business Administration (SBA) an additional 30 days to process applications received before June 1st and guarantee those loans.
What is House Bill H.R. 1799?
Cost of House Bill H.R. 1799
In-Depth: Rep. Carolyn Bourdeaux (D-GA) introduced this bipartisan bill to extend the Paycheck Protection Program (PPP) from its current expiration date of March 31st to May 31st:
“When I ran for Congress, I promised to go to Washington and get things done for Gwinnett and Forsyth counties. My bipartisan PPP Extension Act originated directly from concerns local business owners expressed to me regarding the PPP application period being set to end in March. This bill will extend that deadline, allowing more of our small businesses the opportunity to access critically-needed financial resources. It also adds a one-month processing period to enable the Small Business Administration to avoid bureaucratic delays on distribution of funds. I urge the Senate to pass this measure swiftly.”
Rep. Young Kim (R-CA), one of this bill’s lead Republican cosponsors, added:
“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. 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 my House colleagues for supporting 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.”
This legislation has the support of 101 bipartisan cosponsors, including 71 Democrats and 30 Republicans. It passed the House on a 415-3 vote.
Of Note: Since its enactment as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) has approved over 8.2 million loans valued at more than $718 billion through 5,475 lenders as of March 21st. Its overall funding level grew from $300 billion to its current level of $813.7 billion through several extensions and enhancements by Congress and the Trump administration during the course of 2020.
Causes (PPP Context)
Causes (PPP Context)
Causes (PPP Revisions)
Causes (Small Business Context)
Summary by Eric Revell(Photo Credit: iStock.com / andresr)
PPP Extension Act of 2021
To amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and for other purposes.
- EnactedMarch 30th, 2021The President signed this bill into law
- The senate Passed March 25th, 2021Roll Call Vote 92 Yea / 7 Nay
- The house Passed March 17th, 2021Roll Call Vote 415 Yea / 3 Nay
Committee on Small BusinessIntroducedMarch 11th, 2021
- house Committees