March 15, 2021—A group of bipartisan lawmakers have unveiled a plan to extend the Paycheck Protection Program and push back the March 31 deadline by two months, Fox Business reported.
The legislative action comes after small business advocates asked for an extension, citing recent changes made to the program and delays in processing applications. There was also a delay for some businesses to apply after the Biden Administration announced a two-week period that only businesses with fewer than 20 employees were allowed to apply.
The bill was introduced in the House of Representatives and also has bipartisan support in the Senate, the report said.
“It’s clear that the most vulnerable small businesses will need help beyond March 31, so we must pass this extension as quickly as possible,” Small Business Chair Ben Cardin, D-Md., said in a statement. "This commonsense, bipartisan bill will meet the continued demand for PPP loans by giving small businesses two more months to apply."
