President Joe Biden signed the PPP Extension Act of 2021 into law yesterday, extending the Paycheck Protection Program an additional two months to May 31, 2021, and providing an additional 30-day period for the U.S. Small Business Administration (SBA) to process applications that are still pending.
“Without somebody signing this bill, there are hundreds of thousands of people who could lose their jobs, and small and family businesses that might close forever. And, as you know, small business is the backbone of our economy, representing almost 50 percent of all the employees in America,” Biden said.
According to SBA Administrator Isabella Casillas Guzman, “President Biden sent another strong message to America’s more than 30 million small business owners negatively impacted by the pandemic: Help is here. By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the president is providing additional critical relief to the smallest of the small businesses – the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.
In the most recent PPP report issued on March 29, the SBA has:
To access more business news, visit NJB News Now.Related Articles: