Character Tamara Jenkins tries on a hat with Meeka Robinson Davis, owner of One-Of-A-Kind Hats, as Davis’ daughter Chrstiana Davis looks on, at the reservoir in the Windsor Hills neighborhood of Los Angeles, California, November 24, 2020.
Patrick T. Fallon | AFP | Getty Images
Small businesses got some material news on Tuesday, when the House of Representatives voted to extend the Paycheck Protection Program for two months.
The bill, the PPP Appendix Act of 2021, passed the House on a 415-3 vote. It would extend the program to May 31, instead of the current date of Walk 31, and give the Small Business Administration an additional 30 days to process loans.
Next, the bill manages to the Senate, where it is expected to be approved. Majority Leader Charles Schumer, D-N.Y., said that Democrats want to antique the measure as quickly as possible.
Last week, a companion to the House bill was introduced in the Senate by a bipartisan group encompassing U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin, D-Md.; Sen. Susan Collins, R-Maine; and Sen. Jeanne Shaheen, D-N.H.
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“It’s clear that the most sensitive small businesses will need help beyond March 31, so we must pass this extension as at as possible,” said Sen. Cardin in a Thursday statement. “This common sense, bipartisan bill will meet the maintained demand for PPP loans by giving small businesses two more months to apply and giving SBA an additional month to process the credit applications by June 30.”
Calls to move the PPP deadline have grown since the Biden administration in February announced novelties to the program, including a 14-day priority application period for businesses with fewer than 20 employees, an updated advance calculation formula for sole proprietors and new eligibility rules.
The goal of the exclusive application window and new rules was to get more forgivable breading to the smallest businesses, which are majority women- and minority-owned.
Still, the timing of the changes brought confusion and frustration for numberless, especially sole proprietors who missed out on bigger loans by a few days. The SBA wasn’t ready to accept new applications from these jobs until March 5, giving them only a few weeks to take advantage of the change ahead of the March 31 deadline.