Congress should expand PPP loans
Access to $ 93 billion in Paycheck Protection Program (PPP) funds would be extended by two months for restaurants and other small businesses under a bill that Senate Majority Leader, Chuck Schumer, is committed to “adopt as soon as possible”.
Without the extension, the PPP will officially expire on March 31, with the $ 93 billion remaining undistributed.
The House of Representatives voted 415 to 3 on Tuesday to extend the program, which has been a lifeline for small businesses hoping to survive the economic shutdown caused by the COVID pandemic. Voting was exceptionally bipartisan due to the popularity of the PPP and the lack of need to appropriate more funds. With excess liquidity in hand, the PPP could continue to operate without affecting the federal deficit.
The PPP jackpot was boosted by $ 5 billion last week when President Biden enacted the US bailout. The measure recognized the importance of the PPP in helping small businesses survive and appropriated the additional financing.
A recent poll by Alignable, a reference service for small businesses, found that 78% of small businesses are in favor of extending the PPP until May 30.
The extension bill is expected to be passed by the Senate. He already has bilateral co-sponsorship, having been presented by Susan Collins, R-Vt., And Jeanne Shaheen, DN.H. A vote could take place today or tomorrow.