House Small Business Committee Chairs have reached a bipartisan agreement to extend the paycheck protection program by two months amid growing concerns that its March 31 expiration would cut the benefit of many employers.
The agreement between the Chair of House Small Business, Nydia Velázquez (DN.Y.) and Rep. Blaine Luetkemeyer (R-Mo.), The top Republican of the committee, would expire the deadline for applying for a loan from the PPP on Jan. May postpone The business administration authority is to continue processing outstanding applications 30 days after this date, the consultants of the two legislators announced to POLITICO.
The PPP, more than $ 687 billion in pandemic aid, provides government-backed small business loans that can be granted if employers agree to keep payroll up.