Luetkemeyer, Velázquez, Kim, Bourdeaux Introduce Bipartisan Legislation Extending Paycheck Protection Program
WASHINGTON, D.C. – Today, House Committee on Small Business Ranking Member Blaine Luetkemeyer (MO-03), Chairwoman Nydia M. Velázquez (NY-07), Congresswoman Young Kim (CA-39), and Congresswoman Carolyn Bourdeaux (GA-07) introduced the Paycheck Protection Program (PPP) Extension Act. This critical bipartisan legislation will provide a commonsense extension to the Paycheck Protection Program and targeted relief for small businesses across the country that need it most.
Currently, the Paycheck Protection Program is set to expire on March 31, 2021. The bipartisan Paycheck Protection Program Extension Act would extend that deadline by two months and provide an additional 30 days for the U.S. Small Business Administration (SBA) to process loans submitted prior to the new May 31, 2021 deadline.
“Over the past year, small businesses in Gwinnett and Forsyth have been devastated by the impact of COVID-19," said Congresswoman Carolyn Bourdeaux (D-GA). "While PPP assistance has been a crucial lifeline for many businesses in my District, I hear every day from mom-and-pop shops who have been unable to access the financial resources offered by the program. Many of those businesses are minority or women-owned. Passing the bipartisan Paycheck Protection Program Extension Act will allow more of these businesses the opportunity to access much-needed funds. I thank Chairwoman Velázquez, Ranking Member Luetkemeyer, and Congresswoman Kim for partnering with me on such an important measure."
Full text of the PPP Extension Act can be found HERE.