Biden signs PPP extension into law

United States President Joe Biden signed into law the PPP Extension Act of 2021 on Tuesday. The government’s Paycheck Protection Program (PPP) will thus remain in effect through June 30, 2021.

However, the now-approved bill proposes that the Small Business Administration (SBA) may only process loan applications submitted before June 1. The PPP was set up by the US government last year to help small companies mitigate the economic impact of the coronavirus pandemic.

Just before the signing, Biden called the PPP “a bipartisan accomplishment” and revealed that “nearly 90,000 businesses are still in line” to receive the remaining funds from the lending program.



Breaking the News / MS



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