With the stroke of a presidential pen, Michigan business owners can re-enter the bid to gain Paycheck Protection Program loans and forgiveness through the end of May.
U.S. Senators Debbie Stabenow and Gary Peters have announced this afternoon that the U.S. Senate has passed the PPP Extension Act to extend the Paycheck Protection Program for two more months. That program provides loans to small businesses impacted by the COVID-19 pandemic to help pay their employees and other expenses. The program also offers full loan forgiveness if the loan is spent in that way. Currently, the Paycheck Protection Program would expire next week on March 31st.
Senator Stabenow says, “Michigan’s small businesses are the backbone our economy, but too many of them are still struggling to keep the lights on during this pandemic. The extension of the Paycheck Protection Program gives small business owners the tools and funding they need to keep their workers, reopen their doors and stay in business.”
Senator Peters says, “As our communities continue to confront this unprecedented economic crisis, it is critical that our small businesses and workers receive the support they need to stay afloat,” while adding, “I am pleased to help the Senate pass this extension for the Paycheck Protection Program that will ensure that small businesses can continue to apply for federal relief – which I helped enact recently as part of the American Rescue Plan. I’ll keep fighting to ensure that small businesses across Michigan have the resources needed to retain staff, adapt operations and emerge from this pandemic stronger than before.”
The bill had already passed the House of Representatives on March 16th and now heads to President Joe Biden’s desk for his signature.
Earlier this month, Senators Stabenow and Peters helped pass the American Rescue Plan, which included billions in support for small businesses. The American Rescue plan included $15 billion in additional relief for the Targeted Economic Injury Disaster Loan Advance program, provided $7.25 billion for the Paycheck Protection Program, expanded PPP for non-profits, and established a Community Navigator program to improve access to COVID-19 relief for under-served communities.
The law also established a $25 billion fund to help local restaurants keep their doors open and workers employed and an additional $1.25 billion for Shuttered Venue Operator Grants for live venues, theaters and cultural institutions. The law included $10 billion in new funding for the State Small Business Credit Initiative — an effort Peters and Stabenow led — to help small businesses grow and create jobs as the economy recovers from the pandemic.
