Kim, Leutkemeyer, Velázquez, Bordeaux Introduce Bill to Extend Paycheck Protection Program
Today, U.S. Representative Young Kim (CA-39), House Committee on Small Business Ranking Member Blaine Luetkemeyer (MO-03), Committee Chairwoman Nydia M. Velázquez (NY-07), and Rep. Carolyn Bourdeaux (GA-07) introduced the Paycheck Protection Program (PPP) Extension Act. This critical bipartisan legislation will provide a commonsense extension to the Paycheck Protection Program and targeted relief for small businesses across the country that need it most.
Currently, the Paycheck Protection Program is set to expire on March 31, 2021. 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, 2021 deadline.
"We must provide our small businesses with the tools to stay afloat during this time as we work to safely reopen our communities," said Rep. Kim. "This bipartisan bill ensures COVID-19 relief funds get directly into the hands of our hardworking small business owners and gives lenders proper time to help PPP loan applicants. I'm proud to come together in a bipartisan way with Ranking Member Luetkemeyer, Chairwoman Velázquez, and Rep. Bourdeaux to provide targeted, commonsense relief and urge for this bill's swift passage."
"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 Luetkemeyer. "This bipartisan legislation will provide 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 thoughtful work on this issue."
"The demand for PPP loans right now is a testament to the program's effectiveness and the lingering impacts of this pandemic," said Chairwoman Velázquez. "That's why we cannot cut off aid now and this short-term extension is so important. Under this bill, small businesses will have two additional months to submit an application for a PPP loan, and SBA will have until June 30, 2021 to close any pending applications. The bill will go a long way in helping small businesses provide for their employees and keep our economic recovery moving. I thank Representatives Bourdeaux and Kim as well as Ranking Member Luetkemeyer for their leadership and willingness to work across the aisle on this critical issue."
"Over the past year, small businesses in Gwinnett and Forsyth have been devastated by the impact of COVID-19. While PPP assistance has been a crucial lifeline for many businesses in my District, I hear every day from mom-and-pop shops who have been unable to access the financial resources offered by the program. Many of those businesses are minority or women-owned. Passing the bipartisan Paycheck Protection Program Expansion Act will allow more of these businesses the opportunity to access much-needed funds. I thank Chairwoman Velázquez, Ranking Member Luetkemeyer, and Congresswoman Kim for partnering with me on such an important measure," said Rep. Bourdeaux.