WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, announced her co-sponsorship of the PPP Extension Act of 2021. This bipartisan legislation would extend the application window for Paycheck Protection Program (PPP) loans to small businesses through May 31, 2021, and provide an additional 30-day period for the Small Business Administration (SBA) to process applications that are still pending.
“During this challenging time, countless Nevada businesses have been able to stay afloat thanks to the Paycheck Protection Program,” said Senator Rosen. “I’m proud to join my colleagues in this bipartisan legislation that will extend the deadline for small businesses to apply for a PPP loan. I will continue working to support small business owners and employees as we work to overcome this period of economic hardship.”
BACKGROUND: The Senate-passed Paycheck Protection Program is a loan designed to provide a direct incentive for eligible small businesses and nonprofits to keep their workers on the payroll. SBA will forgive eligible PPP loans if all employees are kept on the payroll and the money is used for payroll, rent, mortgage interest, or utilities. This program is available to eligible small businesses (including sole proprietorships, independent contractors, and self-employed persons), 501(c)(3), 501(c)(6)s, 501(c)(19)s, among other nonprofits.
Since the inception of the Paycheck Protection Program in April 2020 until March 7, 2021, Nevada small businesses have received a total of 65,921 PPP loans, amounting to more than $5.6 billion.
Small businesses that are experiencing difficulties navigating federal assistance can send their inquiries and questions to SmallBusiness@Rosen.Senate.gov, and a team of dedicated professionals will respond to provide assistance.
Senator Rosen’s office is working around the clock to ensure Nevadans stay up to date on the latest news regarding the coronavirus, as well as provide a list of bilingual resources to assist Nevadans.