Bill Now Heads to the President’s Desk to Become Law
WASHINGTON – U.S. Senator Maggie Hassan (D-NH) voted to pass the bill that will extend the deadline for small businesses to apply for the Paycheck Protection Program (PPP) to May 31.
“Small businesses power New Hampshire’s economy and are a vital part of our communities – and the Paycheck Protection Program has helped to ensure that this will continue to be the case long after this pandemic,” said Senator Hassan. “New Hampshire small business owners have made clear to me what a lifeline the Paycheck Protection Program has been for them to stay afloat, which is why it is so important that Congress has continued to fund and strengthen the program, and now we’re extending the deadline so that more small businesses can take advantage of it.”
Congress created the Paycheck Protection Program in the CARES Act to provide forgivable loans to small businesses, and Congress has continued to work 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.