WASHINGTON, D.C. (March 16, 2021) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement from Vice President of Federal Government Relations Kevin Kuhlman in response to the U.S. House of Representatives’ passage of H.R. 1799, the PPP Extension Act of 2021, which is an NFIB Key Vote for the 117th Congress. The legislation will extend the authorization for the Paycheck Protection Program (PPP) beyond March 31, 2021.
“Extending the authorization for the PPP loan program beyond the end of the month is welcome news to small business owners who will benefit from the extra time. Owners had a short period of time to decide to apply for a first or second draw or not after the passage of the Consolidated Appropriations Act of 2021 and this extension allows owners to plan accordingly for their business. The PPP has been an important tool for the small business recovery and NFIB is pleased the legislation will provide an additional two months to apply for a PPP loan and an additional 30 days for SBA to process pending applications, which will help ensure small business owners are not unfairly harmed by PPP processing delays. NFIB strongly supports the PPP Extension Act of 2021.”
NFIB sent a Key Vote letter to members of the U.S House of Representatives in support of the legislation. Last week, NFIB sent a letter to members of Congress with small business priorities and recommendations, including extending the deadline for the PPP beyond March 31, 2021:
- Extend the authorization for PPP beyond March 31, 2021.
- Align the forgiveness process for loans under $150,000 with Congressional intent.
- Relax the qualifying quarter requirement to access second draw loans.
- Allow self-employed individuals that applied for a PPP loan prior to the SBA’s March 3, 2021 interim final rule to reapply for a larger loan amount.
According to NFIB research, owners expecting better business conditions over the next six months remains at a net negative 19%, a poor reading.