Biden signs PPP extension, extending application deadline to May 31
Washington – President Biden on Tuesday signed an extension for the popular(PPP), which was created last year to help small businesses weather the economic fallout from the coronavirus pandemic. The deadline for applying for a PPP loan has been extended from March 31 to May 31, and the law extends loan authorization to June 30 to give the Small Business Administration more time to process applications.
“It’s a bipartisan accomplishment,” Biden said in remarks when signing the bill in the White House on Tuesday. “Without someone signing this bill today, there are hundreds of thousands of people who could lose their jobs and small family businesses that could close forever.”
Mr Biden thanked Democratic Senators Ben Cardin and Jeanne Shaheen and Republican Senators Marco Rubio and Susan Collins for helping push the bill through Congress, where it received overwhelming bipartisan support in Congress. The bill extending the time limit was adopted by the House by 415 votes to 3 and wasby 92 votes to 7.
As of March 28, the program had approved more than 8.7 million loans totaling more than $ 734 billion since its inception last year, according to the Small Business Administration. The data. For all 2021 program loans, 78.4% are $ 50,000 and under, and the average loan is $ 59,000.
At the end of February, the Biden administration announced several additional changes to the program aimed at making loan distribution more equitable. Beginning of March, Small Business Administration The data shows that average minority-owned business loans increased 20% in the two-week exclusive window compared to the previous 10-day average. Loans to women-owned businesses increased by 14% and loans to small businesses in rural areas increased by 12% over the same periods.