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Senate Extends Pandemic Assistance

Submitted on: August 08, 2021

Senate Extends Pandemic Assistance for Small Businesses for 2 Months

Thousands of small businesses scrambling to stay afloat as a result of COVID-19 are getting extra time to apply for low-interest loans.

By a 92-7 margin, the Senate passed a bill today extending until May 31 the deadline for Paycheck Protection Program applications. The popular Small Business Administration program was scheduled to sunset on Wednesday March 31, a timeline that could have prevented some 190,000 small businesses who have pending PPP applications from securing a loan.

The PPP Extension Act of 2021 also gives the SBA an additional 30 days beyond May 31 to process those loans.