U.S. Rep. Young Kim’s (R-CA) PPP Extension Act of 2021, which President Joe Biden signed into law in March to extend the Paycheck Protection Program (PPP) loan application deadline to May 31, successfully provided for an estimated 2.7 million more loans totaling roughly $54 billion.
“I am proud to have worked on this commonsense, bipartisan effort to provide small business owners more time to apply for PPP relief to keep their doors open and employees on payroll and am pleased to see that millions of small business owners benefited from this deadline extension,” said Rep. Kim, who co-authored and cosponsored the bipartisan H.R. 1799 with bill sponsor U.S. Rep. Carolyn Bourdeaux (D-GA).
H.R. 1799 also moved the window for the Small Business Administration (SBA) to process loans through June 30, addressing the concerns of financial institutions and giving them the certainty needed to write loans to small businesses up to the program’s deadline, according to Rep. Kim’s office.
“Our small business owners in California’s 39th District and across U.S. communities were hit hard by the COVID-19 pandemic. In California alone, nearly 20,000 businesses had to permanently close their doors,” said Rep. Kim. “As a former small business owner and ranking member of the [U.S. House Small Business] Innovation, Entrepreneurship and Workforce Development Subcommittee, I will continue to do all I can to fight for entrepreneurs of all backgrounds.”
The U.S. House of Representatives on March 16 voted 415 to 3 to approve H.R. 1799, which then received U.S. Senate approval on a 92-to-7 vote on March 25. President Biden signed the bill into law on March 30.