WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, released the following statement applauding President Joe Biden for signing the PPP Extension Act of 2021 into law. Senator Rosen is a co-sponsor of this bipartisan legislation which extends the Paycheck Protection Program (PPP) through May 31, 2021.
“It’s thanks to the Paycheck Protection Program that Nevada businesses have been able to stay afloat and pay their employees during the pandemic,” said Senator Rosen. “I am glad to see President Biden sign this legislation, which I was proud to co-sponsor, into law to extend the deadline for PPP applications for an additional two months. While we work to overcome the COVID-19 pandemic, I will keep fighting to see that Nevada’s small businesses have the resources they need.”
BACKGROUND: Nevada is home to 280,000 small businesses.
The U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) was set to expire on March 31, 2021.
The newly enacted PPP Extension Act of 2021 will extend the application window for 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, through June 30, 2021.
Earlier this month, Rosen announced her co-sponsorship of the bipartisan, Senate version of the PPP Extension Act of 2021 (S.723).
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Since the inception of the Paycheck Protection Program in April 2020 until March 28, 2021, Nevada small businesses have received a total of 77,941 PPP loans, amounting to more than $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.