Lawmakers are working to extend the Paycheck Protection Program for struggling small business owners.
The popular loan program is set to be shuttered on March 31; however, many would like that deadline to be extended. A new bill has been introduced in the House of Representatives that would give the program another two months.
The bipartisan Paycheck Protection Program Extension Act, introduced by House Small Business Committee Chairwoman Nydia Velazquez, D-N.Y.; Rep. Blaine Luetkemeyer, R-Mo., Rep. Carolyn Bourdeaux, D-Ga.; and Rep. Young Kim, R-Calif., comes after a slew of calls from lenders, businesses and other advocates to extend PPP.
A bipartisan companion bill has also been introduced in the Senate by U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin, D-Md.; Sen. Susan Collins, R-ME; and Sen. Jeanne Shaheen, D-N.H.
"As one of the original creators of the Paycheck Protection Program last year, I was disappointed that despite our efforts, the American Rescue Plan unfortunately did not include an extension of these loans," said Shaheen in a statement. "I'm pleased to build on the bipartisan work that Senators Collins, Cardin and I started last year when we established the Paycheck Protection Program by taking this common-sense step to extend the deadline for PPP loans. Congress must act to preserve this lifeline for small businesses trying to stay afloat."
Both the American Society of Travel Advisors and the U.S. Travel Association have pushed for the extension.
"The hardest-hit U.S. businesses are still in dire need of aid, so extending the PPP application deadline is critical to help the U.S. economy get through the next few uncertain months," said U.S. Travel Association executive vice president for public affairs and policy Tori Emerson Barnes. "The Leisure & Hospitality industry currently accounts for nearly 40 percent of all U.S. unemployment, and it is still unclear when travel demand will finally be able to rebound on its own. Extending the PPP is vital for travel employers to keep their lights on, when many would otherwise be at risk of shutting their doors and their jobs being lost permanently."
Barnes hopes for swift passage of this legislation.
"We are hopeful for the PPP Extension Act's consideration and passage next week," she said.
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