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house Bill H.R. 1799

Extending Small Businesses’ Application Period for Paycheck Protection Program Loans From March 31st to May 31st

Argument in favor

This bipartisan bill would extend the application and lending period for small businesses that are seeking forgivable loans under the Paycheck Protection Program beyond the fast-approaching deadline of March 31st to May 31st, ensuring those businesses can tap into unused funds to stay afloat.

jimK's Opinion
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03/25/2021
Yes, this is warranted along with the focus on getting these funds to the smaller businesses that the PPP program was initially supposed to serve. Way too much of the PPP funds allocated earlier went to fairly large and fairly wealthy companies who already had access to banks and were able to get their cases in front of their known and friendly bankers quickly. The original allocations also seemed to find a lot of political targets, like the company that the trump’s campaign hired to track cell phone users or Jared Kushner’s real estate business. Finally, with a focus on using these funds as they were intended to be used, we can get real help to the small community businesses that were the original intended targets for this relief.
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Sharon's Opinion
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03/25/2021
Off topic: Sen. Manchin didn’t want to raise minimum wage to $15. He opposes his party’s gun control legislation. He does support an infrastructure package to be funded at least in part by a tax increase on corporate America. Sen. Susan Collins reportedly said that “wouldn’t be well-received.” After all, the Republicans worked so hard to give corporate America and the wealthiest a tax cut in 2017. And it’s been so effective, too. For example, “Zoom reported earlier this month it made $672 million in its fiscal year ended January 31, up 3,200% from the $21 million it reported making during the previous fiscal year. At the same time, Zoom also told investors this month what it expects to pay in federal taxes on those profits. The answer? Nada.” https://www.cbsnews.com/news/zoom-no-federal-taxes-2020/
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FYMYGIRLS's Opinion
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03/25/2021
BEST IDEA EVER!! WE GIVE SO MUCH TO BILLIONAIRES... WE NEED TO SUPPORT US!
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Argument opposed

Hundreds of billions of dollars have already been loaned out to small businesses under the Paycheck Protection Program, and while it has been a bipartisan success, it has to end sometime. Small businesses would be better served by their local governments continuing to reopen their economies.

NoHedges's Opinion
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03/25/2021
I remain steadfast in my opposition to both the Democrats and Republicans push for more of the same trickle down economics that got us into this mess. Why should the American people support small businesses who have not only had access to trillions in stimulus, but have done everything possible to block attempts to ensure Americans are paid a $15 minimum wage🤬? Direct relief to the people via the social security administration, that is what needs to happen. Businesses have cut to the front of the line for far too long.
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B.R.'s Opinion
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03/25/2021
Not sure that an extension is necessary. As I understand it, funds allocated for the PPP are still available not because of issues with processing, but because of lack of requests. The program served its purpose, but now that businesses are beginning to open, the need has decreased.
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Rentedmule's Opinion
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03/25/2021
You mean we didn’t get enough relief from the last 1.9 trillion dollar “relief bill”?
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What is House Bill H.R. 1799?

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.

Impact

Small businesses; the PPP; and the SBA.

Cost of House Bill H.R. 1799

The CBO estimates that enacting this bill would cost about $15 billion in 2021 given the existing budget authority leftover for the PPP.

More Information

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.

report by USAFacts showed that a significant proportion of small business across the U.S. reported a “large negative effect” due to the 


Media:

Summary by Eric Revell

(Photo Credit: iStock.com / andresr)

AKA

PPP Extension Act of 2021

Official Title

To amend the Small Business Act and the CARES Act to extend the covered period for the paycheck protection program, and for other purposes.

bill Progress


  • EnactedMarch 30th, 2021
    The President signed this bill into law
  • The senate Passed March 25th, 2021
    Roll Call Vote 92 Yea / 7 Nay
  • The house Passed March 17th, 2021
    Roll Call Vote 415 Yea / 3 Nay
      house Committees
      Committee on Small Business
    IntroducedMarch 11th, 2021

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    Yes, this is warranted along with the focus on getting these funds to the smaller businesses that the PPP program was initially supposed to serve. Way too much of the PPP funds allocated earlier went to fairly large and fairly wealthy companies who already had access to banks and were able to get their cases in front of their known and friendly bankers quickly. The original allocations also seemed to find a lot of political targets, like the company that the trump’s campaign hired to track cell phone users or Jared Kushner’s real estate business. Finally, with a focus on using these funds as they were intended to be used, we can get real help to the small community businesses that were the original intended targets for this relief.
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    I remain steadfast in my opposition to both the Democrats and Republicans push for more of the same trickle down economics that got us into this mess. Why should the American people support small businesses who have not only had access to trillions in stimulus, but have done everything possible to block attempts to ensure Americans are paid a $15 minimum wage🤬? Direct relief to the people via the social security administration, that is what needs to happen. Businesses have cut to the front of the line for far too long.
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    Truly small business as defined by Healthcare.gov (1 to 50 employees) or US Census Bureau (less than 500 employees) needs support but not the Small Business Administration (SBA) definition that includes companies with thousands of employees making millions of dollars and with access to capital markets to raise funds (bonds, commercial paper, stock, etc). PPP has been McConnell’s slush fund lacking effective oversight for cronies & political contributors based on Small Business Administration (SBA) definition of a small business which really isn’t really small business (privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation) because the SBA definition includes businesses with: 1) 250 to 1,500 employee 2) $750,000 to $38.5M revenues US Census Bureau defines small business as less than 500 people. Healthcare.gov defines it as 1 to 50 people https://www.fundera.com/blog/sba-definition-of-small-business https://www.salesforce.com/solutions/small-business-solutions/resources/what-is-a-small-
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    Off topic: Sen. Manchin didn’t want to raise minimum wage to $15. He opposes his party’s gun control legislation. He does support an infrastructure package to be funded at least in part by a tax increase on corporate America. Sen. Susan Collins reportedly said that “wouldn’t be well-received.” After all, the Republicans worked so hard to give corporate America and the wealthiest a tax cut in 2017. And it’s been so effective, too. For example, “Zoom reported earlier this month it made $672 million in its fiscal year ended January 31, up 3,200% from the $21 million it reported making during the previous fiscal year. At the same time, Zoom also told investors this month what it expects to pay in federal taxes on those profits. The answer? Nada.” https://www.cbsnews.com/news/zoom-no-federal-taxes-2020/
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    BEST IDEA EVER!! WE GIVE SO MUCH TO BILLIONAIRES... WE NEED TO SUPPORT US!
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    This isn't that long an extension while some small businesses try to get themselves back on their feet. A majority of Americans may not be vaccinated until at least May, and cases are on the rise again as new variants emerge and people start to abandon the CDC guidelines. We don't know that more small businesses won't suffer in the next few months, so let's continue that support a bit longer.
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    Not sure that an extension is necessary. As I understand it, funds allocated for the PPP are still available not because of issues with processing, but because of lack of requests. The program served its purpose, but now that businesses are beginning to open, the need has decreased.
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    It’s about time small business get a break, which helps their employees! Most small businesses don’t even know what to do to get the help or where!
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    Totally agree, NoHedges! 😊❤️
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    You mean we didn’t get enough relief from the last 1.9 trillion dollar “relief bill”?
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    Open up the country! Between heard immunity and vaccines. We are at about baseline for covid. It will be around like the flu. The government is just using this as a power grab. Besides USA is beyond broke and are letting China completely own us.
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    I know this sounds great, but it is a LOAN, and has to be paid back. People are not spending like normal times. They worry about their job and money to survive. Not to eat out or buy trivial items. Where is the infrastructure jobs? That would create spending. But a loan is a loan and if you are only 30% capacity you can not rehire all your workers. And if you do not repay your loan your lose your business.
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    The best stimulus check is a real paycheck from a real job.
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    The first round PPP went to politically connected businesses. The deadline should be extended and oversight should be thorough to make sure the money gets to the PEOPLE that it BELONGS TO.
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    Businesses need to reopen. Not collect checks from the tax payer. And People need to go back to work not get paid to stay home.
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    Dah, of course they need the help after the draconian lock downs killing their businessss
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    Dear Senator Cruz, what a sad thing for you to vote against Small Business loan extensions. It’s as if wake up each morning wondering what you can do that day to hurt as many average Americans as you can. I shudder to think what a world created in your image would look like.
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    The best thing that can be done right now for ALL businesses is to leave them alone and not prevent them from opening as they see fit. Customers can make their own risk assessments about what businesses they wish to visit. That would be a win win. Businesses could get on with recovery, people could go back to work, and the government would not have to print as much money.
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    Just allow the small businesses to open fully. To continue the PPP with small businesses being required to pay back may cause their total demise and cause the owners a great disadvantage. As Ronald Reagan said ‘when someone show up and says I’m from the government and I’m here to help then be very worried.’
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    Geez! You really need to vote on this when you are giving millions of dollars away to iILLEGAL IMMIGRANTS?! WHEN WILL YOU START WORKING FOR AMERICANS?
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