President Joe Biden signed a bipartisan bill into law on Tuesday afternoon, extending the Paycheck Protection Program (PPP) for another two months for small businesses impacted by the pandemic.

View Comments (1)

The PPP is a loan designed to provide economic relief for small businesses to keep their workers employed during the COVID-19 pandemic. The loan is back by the Small Business Administration (SBA) and is forgivable. . . .

The bill (pdf) is called the PPP Extension Act of 2021. It extends the program to June 30, 2021. Otherwise, the program will expire on March 31, 2021.

However, the final 30 days is for processing the applications. . . .

The House passed the bill on March 16 and the Senate approved it on March 25 by a vote of 92–7. . . .

Biden’s COVID relief bill—the American Rescue Plan, which Biden signed into law on March 11—provides $7.25 billion for the PPP loan and expands PPP for non-profits.

The Biden administration announced changes to the program in February, providing more financial support to sole proprietors, independent contractors, and self-employed individuals.  . . .

The PPP was first established by the Trump administration last year through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

What do you think of Biden’s decision to extend the PPT Loan Program? Discuss in the comments below!