Thousands of small businesses scrambling to stay afloat as a result of COVID-19 are getting extra time to apply for low-interest loans.
By a 92-7 margin, the Senate passed a bill today extending until May 31 the deadline for Paycheck Protection Program applications, USA Today reports. The popular Small Business Administration program was scheduled to sunset Wednesday, a timeline that could have prevented some 190,000 small businesses who have pending PPP applications from securing a loan.
The PPP Extension Act of 2021 also gives the SBA an additional 30 days beyond May 31 to process those loans. The House-passed measure now goes to President Joe Biden for his signature.
Help cannot arrive fast enough, according to the National Federation of Independent Businesses. Nearly one of every six small business owners report they will have to close their doors if current economic conditions do not improve over the next six months, the NFIB says. Read the full story.