Set. Here's what to doA few days cost some small businesses thousands on PPP forgivable loansMany have an extra month to file 2020 taxes. [chamberOfAction] => House The House passed the PPP Extension Act of 2021, extending the deadline from the current March 31. The new law extends the deadline to May 31, 2021. Got a confidential news tip? All Rights Reserved. ), Array [displayText] => Introduced in House Biden administration changes who qualifies for Paycheck Protection Program loans, These costly mistakes can erase money that millennials and Gen Zers make in the stock market, How people plan to use their 2020 tax refunds varies greatly by income, Op-ed: Former SEC chair Jay Clayton on what his grandparents taught him about investing, about a week after the House of Representatives passed the PPP Extension Act of 2021, Suze Orman: Don't invest your stimulus checks. PPP) Act in the Oval … Congress has overwhelmingly passed a bill extending the Paycheck Protection Program to May 31. ( SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. In addition, the $1.9 trillion American Rescue Plan, which President Joe Biden signed into law in March, awarded more funding to the SBA. He spoke briefly about the importance of the program and thanked the … [description] => Passed House Next, the bill will be sent to President Joe Biden to be signed into law. Sign up for free newsletters and get more CNBC delivered to your inbox. 1799, the PPP Extension Act of 2021. Biden signs the PPP Extension Act of 2021 into law. Don’t miss out on these savings, who missed out on bigger loans by a few days, Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox, Single mom earns $10,000/month on Outschool: 'I would have never been able to make as much money as a regular teacher'. With overwhelming bipartisan support in the House and Senate, it seems as though an extension is imminent; but getting it approved immediately is just … Looking ahead, TRGP expects 2021 adj. [description] => Became Law 03/09/2021 06:49 PM EST. President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. “Small business owners are continuing to evaluate their financial needs as they work to recover from the COVID-19 pandemic. It will also allow the SBA to process these Yesterday, the Senate passed the PPP Extension Act of 2021, which had previously been approved by the House, sending the Bill on to President Biden for his expected signature. ), Blog – In Custodia Legis: Law Librarians of Congress, 03/30/2021 Became Public Law No: 117-6. This new provision, once signed by President Biden, will extend the time for lenders to submit PPP loan applications to the SBA from March 31, 2021, through May 31, 2021. [displayText] => Presented to President. The application deadline was set to expire on March 31, 2021, but now employers have until May 31, 2021. Senators voted 92 to 7 to pass the PPP Extension Act of 2021, delaying the program's deadline to May 31 and giving the Small Business Administration … 03/30/2021 03:54 PM EDT. [chamberOfAction] => [description] => Passed Senate We want to hear from you. The vote comes about a week after the House of Representatives passed the PPP Extension Act of 2021 and sent the legislation to the Senate. Record Vote Number: 140. The legislation will extend authorization for the Paycheck Protection Program (PPP) beyond the March 31, 2021 deadline. The White House has indicated its support for extending the program to support small businesses. Just days before it was scheduled to expire, the Senate voted 92 to 7 to pass the PPP Extension Act of 2021, which would extend the program to … The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. (PLEASE NOTE: the … This bill extends the time businesses have to apply for a first or second PPP Small Business Loan … Get this delivered to your inbox, and more info about our products and services. As the March 31 expiration of the Paycheck Protection Programs approaches, Senate Democrats get closer to the support needed to extend it. The bill was signed into law by President Biden on March 30, 2021. Currently, the program is set to expire on March 31, 2021. House Resolution 1799, the “PPP Extension Act of 2021… The bill, the PPP Extension Act of 2021, passed the House on a 415-3 vote. Sole proprietors, who would get more money under the new calculation formula, were particularly frustrated, especially those who missed out on bigger loans by a few days. Through March 21, the SBA had awarded more than 3.1 million loans worth a total of nearly $196 billion. The Senate on Thursday voted to extend the Small Business Administration's Paycheck Protection Program just a week before it was slated to expire. “It is vital that we in Congress continue working in a bipartisan … President Joe Biden signed the PPP Extension Act of 2021 into law yesterday, extending the Paycheck Protection Program an additional two months to May 31, 2021, and providing an additional 30-day period for the U.S. Small Business Administration (SBA) to process applications that are still pending. March 25, 2021, 2:06 p.m. Are you a small business that recently got a first draw PPP loan and is trying to get a second draw PPP loan? The House-passed measure now goes to President Joe Biden for his signature. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. [chamberOfAction] => House Array Data is a real-time snapshot *Data is delayed at least 15 minutes. 92 - 7. ( The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan.The House of Representatives approved the legislation on March 16, 2021. A bill to move the Paycheck Protection Program (PPP) application deadline from March 31 to May 31 won approval in the U.S. Senate on Thursday. Jenks & Son, a Washington, D.C., hardware store that benefited from a Paycheck Protection Program loan, on March 9, 2021. Senators voted 92 to 7 to pass the PPP Extension Act of 2021, which extends the program to May 31 instead of the current March 31 deadline and gives the SBA another 30 days to process loans. Invest in You: Ready. That chamber on Tuesday confirmed Isabel Guzman as the SBA's … Extending the deadline would give small-businesses, including small-business truckers, more time to take advantage of recent changes to the program aimed at making it easier for sole proprietors and independent contractors to receive an adequate loan amount. Grow is celebrating Financial Literacy Month throughout the month of April. President Biden Signs the PPP Extension Act of 2021 into Law On Mar 31, 2021. The final vote to approve the PPP Extension Act of 2021, H.R. ), Array President Joe Biden visits W.S. [actionDate] => 2021-03-26 The PPP Extension Act of 2021, HR1799, now moves to the Senate. The House and Senate have passed bill H.R 1799 – PPP Extension Act of 2021that extends the previous March 31, 2021 PPP loan application deadline to June 30, 2021. By a vote of 92-7, the Senate today passed HR 1799, the PPP Extension Act of 2021. 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