Higgins Announces Paycheck Protection Program Extended
Congressman Brian Higgins (NY-26) announced the Paycheck Protection Program (PPP) Extension Act (H.R. 1779) has been signed into law extending the application deadline to May 31, 2021.
“The COVID-19 pandemic has been incredibly difficult on our community’s small businesses, forcing them to make tough decisions as they navigate their financial future,” said Congressman Higgins. “This bill helps to alleviate pressure by giving struggling businesses additional time to apply for much needed relief.”
The extension gives small businesses two additional months to apply for relief through the PPP program. The Small Business Administration (SBA) also announced it launched a new tool to address “hold codes,” which have been a point of frustration for many businesses. A system designed to catch fraudulent applications was also blocking many eligible business small applicants from completing the PPP application process.
Throughout the COVID-19 pandemic, Higgins has been a major supporter of expanding and extending the Paycheck Protection Program, which acts as a bridge for businesses that retain employees and their salaries. Earlier this month, Higgins announced the passage of the American Rescue Plan which included an expansion of PPP to non-profit organizations struggling from the cost of the pandemic. Small business relief specifically targeted to restaurants and shuttered venues was also included in the American Rescue Plan. Additional details on applying for those two programs will be made available through the SBA in April.
For addition information about the Paycheck Protection Program and application process please visit the SBA’s website: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program