WASHINGTON – U.S. Senator Maggie Hassan (D-NH) issued the following statement after President Biden signed into law bipartisan legislation to extend the deadline for small businesses to apply for the Paycheck Protection Program:
“Small businesses are the lifeblood of our communities and local economies, and the Paycheck Protection Program has played a vital role in helping so many of our small businesses to stay afloat during the COVID-19 pandemic. I am pleased that we worked on a bipartisan basis to extend the deadline for the Paycheck Protection Program so that even more small businesses and nonprofits are able to keep their doors open and keep their workers employed.”
Congress created the Paycheck Protection Program in the CARES Act to provide forgivable loans to small businesses, and Congress has continued to strengthen and expand the program, most recently including $7.25 billion for the Paycheck Protection Program in the American Rescue Plan. The December COVID-19 relief package included bipartisan legislation introduced by Senator Hassan to allow eligible small employers to both participate in the Paycheck Protection Program and also claim the Employee Retention Tax Credit to help keep workers on payroll and pay for their health care coverage. Previously, small employers could not participate in both of these programs.