President Biden Signs into Law Spanberger-Backed, Bipartisan Legislation to Extend PPP Application Period Until May 31
Earlier this Month, the Congresswoman Voted to Pass the American Rescue Plan, Which Includes More than $7.2 Billion in Additional PPP Funding
HENRICO, V.A. – President Joe Biden today signed into law legislation cosponsored by U.S. Representative Abigail Spanberger to extend the Paycheck Protection Program (PPP) application period for another two months.
The bipartisan PPP Extension Act will extend the PPP application deadline to May 31, 2021. Additionally, the bipartisan bill provides an additional one month through June 30, 2021 for the U.S. Small Business Administration (SBA) to process lender applications submitted by the new May 31 deadline. Earlier this month, Spanberger voted to pass the American Rescue Plan, which includes an additional $7.25 billion in PPP funding.
“Throughout the pandemic, Central Virginia small businesses owners and their employees have shared their personal stories about the PPP program and how it has been a critical lifeline for the survival of their operations,” said Spanberger. “This bipartisan bill is a commonsense step to keep these businesses afloat and ensure they can apply for second draw loans. The American Rescue Plan includes billions in additional PPP funding, and I’m glad that more Seventh District businesses will now have the opportunity to apply for this renewed support. As we turn a corner in the fight against the virus, these loans will help keep our local economy strong and pave the way towards a successful reopening of local small businesses. I hope that any local small business with questions or concerns about this announcement will please reach out to my office for assistance.”
Spanberger voted to pass the legislation in the U.S. House alongside Democrats and Republicans earlier this month.
More than 113,000 Virginia businesses received PPP assistance in 2020 in response to the COVID-19 crisis. For more information about this application period, small businesses can visit the SBA website here and find contact information for local SBA representatives here.
Spanberger has long called for changes to the PPP program that better reflect the financial challenges facing small businesses and restaurants. The COVID-19 relief package signed into law in December 2020 reversed rulings from the U.S. Treasury Department to allow PPP forgivable loans to still count towards tax deductions. Spanberger advocated for this change in December 2020.