A move is on in the U.S. Senate to extend benefits under the big Paycheck Protection Program, which is scheduled to expire by late spring.
Legislation introduced by Maryland Senator Ben Cardin, chairman of the Senate Small Business Committee, would provide additional aid to self-employed individuals, while not expanding the program’s existing budget.
Out of a total of nearly $292 billion approved late last year by Congress for the program, under the auspices of the Small Business Administration, around $44 billion has been given to small businesses across the country.
The program is designed to provide small businesses, including some construction firms, with forgivable loans if those loans are mostly spent on payroll.
Since the launching of the program just weeks after the onset of the pandemic last spring, loans with a dollar value in excess of $762 billion have been approved.
In introducing his legislation, Cardin noted that Congress “must pass this bill as quickly as possible so eligible small businesses have time to secure the aid they need before PPP closes on May 31.”
Late last month President Biden approved a move to extend the deadline for PPP loans to May 31, from its earlier deadline date of March 31.
At the time of that extension Cardin said the PPP program has to date supported “millions of small businesses through the pandemic,” adding that it was “clear the program must continue to be a lifeline for small businesses and nonprofits.”
By Garry Boulard
