Joe Biden signs bill extending PPP loans through May 31
UPDATED 3:40 PM PT – Tuesday, March 30, 2021
Joe Biden joined with the other side of the aisle to help struggling small business owners nationwide amid the coronavirus pandemic.
On Tuesday, Biden signed a bill into law, giving small businesses an extra two months to collect Paycheck Protection Program loans.
President Biden signs the PPP Extension Act pic.twitter.com/zILOINZjcp
— Jonathan Lemire (@JonLemire) March 30, 2021
Last week, the measure passed overwhelmingly in the Senate, with just seven Republicans voting against it. Biden commended the efforts of several GOP senators, including Sen. Marco Rubio (R-Fla.) and Sen. Susan Collins (R-Maine), to bring both parties together on the issue.
— Marco Rubio (@marcorubio) March 30, 2021
“It is a bipartisan accomplishment. Nearly 90,000 business owners are still in line and there’s money left,” Biden said. “Without somebody signing this bill today, there are hundreds of thousands of people who could lose their jobs, and small family businesses that might close forever.”
Under the new law, small businesses can apply for forgivable loans through May 31.