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Biden extends small business loan program

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The Paycheck Protection Program of the U.S. Small Business Administration has been extended for another two months, with businesses allowed to apply for the relief loans until May 31.

The SBA will have an additional 30 days after that deadline to process pending applications.

The extension was signed Tuesday by President Joe Biden.

The program intended to help small businesses stay afloat and retain employees during the pandemic was first created by the Coronavirus Aid, Relief and Economic Security Act signed by then-President Donald Trump in March 2020. The program was given $349 billion at that time. A second piece of legislation in April 2020 provided another $320 billion, while the Consolidated Appropriations Act of 2020 signed in December provided $284 billion. The American Rescue Plan Act passed and signed this March contained another $7.25 billion for the Paycheck Protection Program.

Congress also has provided funding for other SBA loan and grant relief programs.

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According to the Small Business Administration, by March 28, the agency had approved 8.73 million PPP loans through 5,476 lending organizations for a total of about $734.1 billion.

More information about the program is available from the SBA website, www.sba.gov.

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