The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, issued the following statement from Kevin Kuhlman, Vice President of Federal Government Relations, in response to the U.S. Senate’s passage of H.R. 1799, the PPP Extension Act of 2021, which is an NFIB Key Vote for the 117th Congress. The legislation will extend authorization for the Paycheck Protection Program (PPP) beyond the March 31, 2021 deadline.
“Small business owners are continuing to evaluate their financial needs as they work to recover from the COVID-19 pandemic. NFIB research indicates that economic conditions remain challenging and the economic recovery is uneven for small businesses, especially for those still managing state and local regulations and restrictions. Today’s passage to extend the authorization of the PPP loan program is good news for those owners who can take advantage of the extra time. The legislation also provides an additional 30 days for the SBA to process pending applications, which ensures small businesses are not unfairly harmed by SBA processing delays. NFIB strongly supports the PPP Extension Act of 2021.”
NFIB sent a Key Vote letter to members of the U.S. Senate in support of the PPP Extension Act of 2021. According to NFIB’s latest COVID-19 small business survey, 13% of small business owners report they will have to close their doors if current economic conditions do not improve over the next six months, down from 25% in December. Last week, NFIB issued a Small Business Growth Agenda for the 117th Congress, urging members to focus on the small business recovery.