Ranking Member Luetkemeyer's Bipartisan Bill to Extend the PPP Deadline Signed into Law
Washington, March 30, 2021
WASHINGTON, D.C. – Today, President Biden signed the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 into law. This bill was originally introduced by House Committee on Small Business Ranking Member Blaine Luetkemeyer (MO-03), Chairwoman Nydia M. Velázquez (NY-07), Congresswoman Young Kim (CA-39), and Congresswoman Carolyn Bourdeaux (GA-07). This critical legislation provides a commonsense extension to the Paycheck Protection Program and targeted relief for small businesses across the country who need it most.
The Paycheck Protection Program was set to expire on March 31, 2021. The bipartisan Paycheck Protection Program Extension Act of 2021 extends that deadline by two months and provides an additional 30 days for the U.S. Small Business Administration (SBA) to process loans submitted prior to the new May 31, 2021 deadline.
"As jobless claims fall to their lowest since the beginning of the pandemic and unemployment claims dip substantially, it is clear that all states must safely reopen their economies," said Ranking Member Luetkemeyer. "The PPP Extension Act provides small businesses who need it most with targeted assistance in order to open their doors and give their employees a paycheck once again."