Hoeven Votes to Extend Paycheck Protection Program Deadline
WASHINGTON – Senator John Hoeven today issued the following statement after voting to approve legislation to extend the deadline for the Paycheck Protection Program (PPP) until May 31, 2021. The legislation has now passed both chambers of Congress and will go to the president to be signed into law.
“The PPP has been a central part of our effort to support families and businesses during this public health emergency. This program has enabled people to keep their jobs and benefits, and allowed employers to cover their expenses throughout the COVID-19 pandemic. While we are turning the corner, this extension will help ensure that businesses that are still facing hardship can benefit from the program while giving the Small Business Administration the time it needs to work through the pending loan applications.”
The PPP was established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, passed by Congress in March 2020, to provide businesses with forgivable loans to help keep employees on payroll during the COVID-19 public health emergency and cover certain eligible expenses, including mortgage obligations, rent, utilities, property damage costs, supplier costs and payments for health care or insurance benefits.
The program has been extended multiple times through the bipartisan COVID-19 assistance packages considered by Congress over the past year, with the previous extension occurring as part of the Continuing Appropriations Act, 2021, passed in December.
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