Recently, President Biden signed the PPP Extension Act of 2021, H.R. 1799. The PPP Extension Act allows loan applications to the program—which had been set to expire March 31—for two more months and gives SBA additional time to process loan applications made by the new May 31 deadline. The bill passed with strong bipartisan support.
The PPP Extension Act does not provide any additional funding for the current round of the PPP, which Congress provided with more than $290 billion to make forgivable loans to small businesses and non-profits. From the program’s opening on January 11 through March 21, the SBA has approved more than 3.1 million loans totaling nearly $196 billion, meaning there are billions of funds left. For more information on how to apply, visit the SBA PPP website.
In late February, the Biden administration announced several additional changes to the program aimed at making the distribution of loans more equitable. As of early March, Small Business Administration data shows average loans to minority-owned businesses were up 20% during the two-week exclusive window from the average over the previous 10 days. Loans to women-owned businesses were up 14%, and loans to small businesses in rural areas were up 12% over the same periods.
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