Washington, D.C. - Today, The House of Representatives passed the Paycheck Protection Program (PPP) Extension Act, which extends the life of the Paycheck Protection Program for two months. Congressman Emmer signed on as a cosponsor.
Currently, the Paycheck Protection Program is set to expire on March 31, 2021. The bipartisan PPP Extension Act would delay that deadline two additional months, and provide 30 days of additional loan processing time for the U.S. Small Business Administration (SBA).
"Currently, the Paycheck Protection Program has approximately $100 billion in remaining funds, and by extending the application deadline, more businesses in need will be able to get the relief they still desperately need," said Emmer.
"The Paycheck Protection Program has been a lifeline for millions of American businesses and workers, and as we begin to recover from the COVID-19 outbreak, these businesses deserve additional flexibility to regain their strong footing as the backbone of the American economy," Emmer continued.
"I was proud to co-sponsor this important effort and grateful that the House of Representatives came together to pass this needed relief. I am hopeful that the majority in the House works to establish a consensus on more non-partisan policies like this, " Emmer concluded.
Read the text of the Paycheck Protection Program Act of 2021 here.