16 Mar

PPP Loans

Lawmakers Look To Extend PPP Through May

USA Today (3/12, King) reported the Paycheck Protection Program “will stop taking applications March 31” despite “a backlog of requests that have been unable to move quickly through the system and might not be processed in time,” so lawmakers are “scrambling to pass legislation extending the PPP at least through May.” Senate Small Business & Entrepreneurship Chairman Ben Cardin and Sens. Susan Collins (R-ME) and Marco Rubio (R-FL) were cosponsoring legislation to “give the Small Business Administration until May 31 to accept applications and until June 30 to process them. A similar bill has been introduced in the House.”

The Arizona Republic (3/12, King) quoted NFIB Vice President for Federal Government Relations Kevin Kuhlman saying, “The economic recovery continues to be uneven for small businesses, especially those still managing state and local regulations and restrictions. … The PPP will continue to play a vital role for many small businesses to keep employees on payroll and assist with certain business expenses.”

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