What You Need to Know
- Biden says the extension is particularly helpful to Hispanic and African American owned small businesses that were passed over the first time around.
- The House passed the bill on March 17.
- The extension provides an additional 60 days to apply for a PPP loan.
President Joe Biden signed into law Tuesday the PPP Extension Act of 2021, bipartisan legislation that would extend the PPP loan application deadline from March 31 to May 31.
“We’re pushing lenders to raise their game and provide more help to the many small businesses … particularly Hispanic and African American small businesses are just out of business because they got bypassed the first time around,” Biden said in televised remarks.
“Without me signing this bill today, there are hundreds of thousands of people that could lose their jobs and small and family businesses that might close forever,” Biden said.