On Tuesday, March 30, President Joe Biden signed H.R. 1799, PPP Extension Act of 2021, into law. Last week, the U.S. Senate passed H.R. 1799 by a 92-7 vote. The U.S. House passed the bill earlier 415-3. The Paycheck Protection Program, a federal loan program helping small businesses stay open during the pandemic, was scheduled to expire at the end of the month. Small businesses now have two more months to apply for assistance. Lenders will also have 30 more days to process applications.
Gwinnett is home to over 24,500 small businesses, and the PPP loans have been critical lifelines for them to keep their doors open and retain employees. Small businesses will now have more time to organize their applications and navigate the recent changes to Schedule C filing parameters and Shuttered Venue Operators Grant eligibility. As businesses continue to do their part in reopening the economy, the deadline extension gives small businesses and lenders renewed confidence to apply for and process the loans.
Earlier this month, the Gwinnett Chamber hosted a webinar about the American Rescue Plan, which made changes to existing programs like PPP.
The Gwinnett Chamber thanks Congresswoman Carolyn Bourdeaux (GA-7), the bill’s lead sponsor, for introducing and leading the efforts in supporting small businesses. We also thank Congressmen Jody Hice and Hank Johnson as well as Senators Jon Ossoff and Reverend Raphael Warnock, for voting yes.