President Joe Biden signed into law Tuesday the PPP Extension Act of 2021, bi-partisan legislation that would extend the Paycheck Protection Program (PPP) loan application deadline from March 31 to May 31.

"We're pushing lenders to raise their game and provide more help to the many small businesses … particularly Hispanic and African American small businesses are just out of business because they got bypassed the first time around," Biden said in televised remarks.

"Without me signing this bill today, there are hundreds of thousands of people that could lose their jobs and small and family businesses that might close forever," Biden said.

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The American Institute of CPAs (AICPA) said in a previous statement that the "additional 60 days provided by the PPP Extension Act will greatly help small businesses, nonprofits, and the CPAs that serve them complete existing, and file new, PPP loan applications."

The House passed the bill on March 17. The extension "gives the SBA [Small Business Administration] time to update its E-Tran system and issue new guidance," the AICPA said. "In addition, AICPA and its members look forward to Congress also providing retroactive relief to Schedule C filers, who are the smallest of the small businesses."

 

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Melanie Waddell

Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.  

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