Senate clears PPP bill, extending loan applications through May
A bill to extend the PPP application deadline won approval in the Senate on Thursday. Businesses along Merrick Road in Seaford seen here. Credit: Danielle Silverman
The Senate has voted to extend the application deadline for Paycheck Protection Program loans to May 31 after rejecting two Republican amendments.
The 92-7 vote cleared the measure that would extend the PPP, now due to expire on March 31. The House passed the bill 415-3 earlier this month. It next heads to President Joe Biden for his signature.
The popular program has issued 7.5 million loans totaling $687 billion to small businesses during the last year, according to data from the U.S. Small Business Administration. The bill would also allow the agency an extra month — through June 30 — to process applications after the program closes.
After the Senate vote Thursday, Rep. Thomas Suozzi (D-Glen Cove) told Newsday, "This is an important win for Long Island and New York businesses. So many businesses are still trying to recover and the extension of the availability of these funds will make a big differences in many people’s lives."
Earlier, during the Senate debate, Sen. Susan Collins (R-Maine) said the PPP has saved more than 50 million jobs. "If we do not act, there are 190,000 pending applications for loans that will be in limbo."
But Sen. Rand Paul (R-Kentucky), urged senators to vote no, saying the PPP would allow health care centers affiliated with the national Planned Parenthood organization to get aid. The Biden administration allowed Planned Parenthood centers to get loans, despite provisions in the original PPP law passed last April that defined affiliated companies as one entity, Paul said.
The PPP was established to help small businesses cope with the COVID-19 pandemic that erupted in March 2020. It was designed to help them keep workers on the payroll despite being forced to close or reduce operations to contain the coronavirus.
Sen. Benjamin L. Cardin (D-Maryland), said he would work with Republicans on a bill to address issues with the program to pass when Congress returns next month, including making retroactive a March 3 change to how the SBA calculates loans for sole proprietors to allow business owners who applied earlier to get more money.
With James T. Madore
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