On Tues., March 30, President Biden signed an extension for the Paycheck Protection Program (PPP), which launched last year to help small businesses that were struggling due to the COVID-19 pandemic.
The deadline to apply has now been extended from March 31 to May 31. Additionally, Biden approved extending the authorization of these loans to June 30, giving the Small Business Administration (SBA) more time to process these applications.
“It is a bipartisan accomplishment,” President Biden said during the signing. “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.”
The bill passed the House by a vote of 415 to 3, and in the Senate by a vote of 92 to 7.
According to the SBA, the program has approved more than $8.7 million loans—totaling more than $734 billion—since the PPP program launched last year.
For those interested in applying, please visit the SBA’s Paycheck Protection Program website. Additionally, MooveGuru recently partnered with Blue Acorn to provide independent contractors with the ability to apply for a PPP loan.