Paycheck Protection Program Extension Act on Way to President Biden’s Desk
WASHINGTON, D.C. – U.S. Senators Tom Carper, senior member of the Senate Finance Committee and Chris Coons, member of the Senate Appropriations Committee (both D-Del.), voted today for the passage of the bipartisan PPP Extension Act of 2021, a measure that will support Delaware small businesses by extending the end-date of the Paycheck Protection Program from March 31, 2021, to June 30, 2021.
“This is a great day for Delaware’s recovery and for the small businesses that make up the backbone of our state’s economy,” said Senator Carper. “Extending the Paycheck Protection Program will make sure this vital lifeline continues to provide sorely needed assistance during the worst pandemic in a century, and it will be doing so with more than $7 billion of new funding and expanded eligibility from the American Rescue Plan. With scores of applicants in Delaware and throughout the country still in line for loans, I will remain committed to helping our small businesses in the First State make it through this pandemic on sound financial footing.”
“For the past year, small business owners across Delaware and the country have been fighting to preserve jobs in their communities. Since Congress renewed the program in December, the Paycheck Protection Program has given Main Street a critical lifeline, providing more than 6,600 loans totaling more than $540 million to small businesses in Delaware, but many still need help to get through the next phase of recovery,” said Senator Coons. “I’m pleased that the Senate came together to ensure that the PPP program remains active and small businesses can keep their doors open and their employees on payroll.”
Under this law, borrowers have until May 31 to submit PPP applications to participating lenders, and the Small Business Administration (SBA) can continue processing loan applications submitted on or before this date until June 30. The American Rescue Plan added $7.25 billion to the PPP, and expanded the program’s eligibility to help small nonprofits and local digital news outlets. The bill also created a $29-billion fund dedicated towards helping restaurants, and added $15 billion to
a the Small Business Administration’s Targeted Economic Injury Disaster Loan Advance program to provide relief for particularly hard-hit small businesses in low-income communities. Small business owners and nonprofit leaders should refer to this page on the SBA’s website to learn more about these and other relief options.