Rep. Bourdeaux Passes First Piece Of Legislation
Today, the United States House of Representatives passed the Bourdeaux-introduced H.R. 1799, the PPP Extension Act of 2021 by an overwhelming margin. This critical bipartisan legislation will extend the life of the Paycheck Protection Program, enabling small businesses to continue accessing much-needed financial assistance, as they cope with the ongoing impact of the COVID-19 crisis. The PPP Extension Act of 2021 was cosponsored by House Committee on Small Business Chairwoman Nydia M. Velázquez (NY-07), House Committee on Small Business Ranking Member Blaine Luetkemeyer (MO-03), Congresswoman Young Kim (CA-39), and more than 95 other Members of Congress.
Currently, the Paycheck Protection Program is set to expire at the end of March. The bipartisan Paycheck Protection Program Extension Act of 2021 would push that deadline back by two months and provide an additional 30 days for the U.S. Small Business Administration to process loans submitted prior to the new May 31 deadline.
"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.
"I'm here to work -- not for Democrats or against Republicans, but for the people of Georgia's 7th District. Tonight, we had a good win. Tomorrow, we get back to work," said Congresswoman Bourdeaux.
Since the establishment of the Paycheck Protection Program in 2020, Georgia small businesses have received more than 260,000 loans, representing almost $19 billion dollars. Applications are currently open for small businesses to apply for PPP loans.
The PPP Extension Act of 2021 is supported by more than 90 leading business organizations, including the U.S. Chamber of Commerce, the National Federation of Independent Businesses, International Franchise Association, the National Restaurant Association, and Small Business Majority.