Congress today passed ICBA-advocated legislation to extend the Paycheck Protection Program ahead of its March 31 expiration.
Today's Senate vote—which followed last week's House passage—sends the extension to President Joe Biden to sign into law.
Background: Under existing law, any application not approved by March 31—even if it was submitted prior to that date—cannot receive PPP funds. The newly passed bill allows borrowers to apply for loans through May 31 and gives the SBA until June 30 to consider applications.
What it Means: This much-needed, two-month extension will ensure small-business and nonprofit applicants are not stranded by an abrupt shutdown. ICBA supports ensuring every potential borrower that needs a loan gets one.
What's Next: With the PPP extended, ICBA continues urging Congress and SBA to make the following program fixes:
EVP, Chief of Staff, Government & Regulatory Relations