WASHINGTON D.C. (GNB)- The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 on Tuesday when President Joe Biden signed the extension into law.
The U.S. Senate had voted 92-7 on Thursday to approve the PPP Extension Act of 2021, H.R. 1799, sending the legislation to the president for his signature.
“It is a bipartisan accomplishment,” Mr. Biden said in remarks at the bill signing at the White House on Tuesday. “Without somebody signing this bill today, there are hundreds of thousands of people who could lose their jobs, and small family businesses that might close forever.”
“Nearly 90,000 business owners are still in line, and there’s money left. Without somebody signing this bill today, there are hundreds of thousands of people who could lose their jobs, and small and family businesses that might close forever. And, as you know, small business is the backbone of our economy, representing almost 50 percent of all the employees in America”, President Biden said.
The bill extending the deadline passed the House by a vote of 415 to 3, and was approved in the Senate by a vote of 92 to 7.
According to Small Business Administration data, as of March 28, the program has approved more than 8.7 million loans totaling more than $734 billion since it was created last year.
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