Senate Passes PPP Extension; Bill Goes to President

The Senate today voted 92 to 7 to pass a bill extending the Paycheck Protection Program. The legislation, which the House already passed, now goes to President Biden for signing. The Paycheck Protection Program Extension Act would allow loan applications to the program—currently set to expire on March 31—for two more months and give the Small Business Administration 30 additional days to process loan applications made by the new May 31 deadline.

ABA welcomed the bill’s passage in Congress. “This legislation will help ensure that small businesses that have already applied for a PPP loan will be able to get that loan processed, rather than risk seeing this program end before their paperwork can be completed. It will also provide more time for still-struggling small businesses that have not yet applied for a PPP loan to do so,” said ABA President and CEO Rob Nichols. “Providing an additional two months for small business borrowers to access PPP funding and an extra month for SBA to process PPP loans is a common-sense step that will support the economic recovery.”