95 Groups Endorse Paycheck Protection Program Extension Bill Sponsored by Shaheen
**The bipartisan bill introduced in the Senate by Senators Shaheen, Collins & Cardin would give small businesses an additional two months to access the PPP**
**Senator Shaheen was a negotiator of the small business provisions in the CARES Act that established the PPP, which has assisted over 34,000 New Hampshire small businesses and non-profits that have received more than $3.4 billion in PPP assistance**
(Washington, DC) – Today, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the Senate Small Business and Entrepreneurship Committee (SBC), announced with Senators Susan Collins (R-ME) and SBC Chairman Ben Cardin (D-MD) that 95 groups have endorsed the PPP Extension Act of 2021, which would help small employers retain access to forgivable Paycheck Protection Program (PPP) loans. Supportive organizations include the NFIB, the U.S. Chamber of Commerce, the American Hotel & Lodging Association, the American Dental Association, the International Franchise Association, the National Restaurant Association, the U.S. Travel Association and others.
The PPP Extension Act of 2021 would extend the deadline to apply for a PPP loan from March 31, 2021, to May 31, 2021, and allow the Small Business Administration 30 days after May 31 to process any pending applications.
“With small businesses and nonprofits across New Hampshire on the brink of permanent closure because of the pandemic, the Paycheck Protection Program has helped tens of thousands of businesses owners keep their doors open,” said Shaheen. “Since the American Rescue Plan passed, we’ve heard from many small and minority-owned businesses that they’ll fall through the cracks if we don’t extend the deadline to access this vital support. I’m proud to help lead this bipartisan effort supported by 95 groups across the nation to ensure this lifeline is within reach for our small businesses and local entrepreneurs. The clock is ticking, and Congress must act now.”
The House companion bill, which was introduced by Representatives Nydia M. Velázquez (NY-07), Blaine Luetkemeyer (MO-03), Carolyn Bourdeaux (GA-07) and Young Kim (CA-39), passed the House by a vote of 415-3. The Senate is expected to vote on the bill this week.
Click HERE to see the full list of 95 organizations that endorsed the PPP Extension Act of 2021.
Under the December law, small businesses that employ 300 or fewer people and that experienced a 25 percent or greater gross revenue loss between comparable periods in 2019 and 2020 due to COVID-19 are eligible to apply for a second forgivable PPP loan. In addition, forgivable overhead expenses are expanded to include supplier costs and investments in facility modifications and personal protective equipment needed to operate safely. In recognition of the severe impact that COVID-19 mitigation measures have had on the hospitality sector in particular, the formula used to calculate the maximum forgivable loan amounts for second draw loans is enhanced for restaurants and hotels to equal 3.5x average monthly payroll. Further, small business owners that did not receive a PPP loan in the first round are also eligible to apply.
Senator Shaheen was a negotiator for the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was signed into law last March and secured New Hampshire an initial $1.25 billion to assist with COVID-19 response efforts. Shaheen helped lead discussions on provisions in the CARES Act with Senators Collins (R-ME), Cardin (D-MD) and Rubio (R-FL) to assist small businesses and established the PPP and expanded the Economic Injury Disaster Loan Program. Both of these programs have been lifelines for businesses throughout New Hampshire and the country. The COVID-19 relief bill signed into law in December contained Shaheen-negotiated legislation that provided urgently needed assistance to American students, families, businesses, workers and health care providers impacted by the public health and economic crises. To date, over 34,000 New Hampshire small businesses and non-profits have received over $3.4 billion in PPP assistance. According to the latest data from the Small Business Administration (SBA), 3.1 million PPP loans have been approved totaling approximately $195.8 billion across the nation. In 2020, more than five million small employers received forgivable PPP loans, helping to sustain more than 50 million jobs.