Click HERE to read Senator Collins’ remarks.
Washington, D.C. — Today, U.S. Senator Susan Collins delivered remarks from the Senate floor urging her colleagues to support the PPP Extension Act of 2021, which would help small employers retain access to forgivable Paycheck Protection Program (PPP) loans. Senator Collins introduced the Senate companion to this bill earlier this month with Senators Ben Cardin (D-MD) and Jeanne Shaheen (D-NH). It has been endorsed by nearly 100 organizations, including the NFIB and the U.S. Chamber of Commerce.
The PPP Extension Act of 2021 would extend the deadline for PPP applications for another two months to May 31, 2021, and then provide an additional 30-day period for the SBA to process applications that are still pending. The bill previously passed the House of Representatives by a vote of 415-3.
“The current application deadline for the PPP is March 31. That is just days away. I continue to hear about the urgent need for more PPP assistance from Maine small businesses, and to hear from others who are eligible for assistance, but whose financial institutions are getting error messages from the Small Business Administration's computer system,” said Senator Collins. “Advancing an extension through the Senate ensures the continuation of this vital relief for our small businesses and their employees. We simply have to get this done now.”
Senators Collins, Cardin, and Shaheen’s bill is co-sponsored by Senators Roger Marshall (R-KS), Dan Sullivan (R-AK), Jacky Rosen (D-NV), Lisa Murkowski (R-AK), Patrick Leahy (D-VT), Ron Wyden (D-OR), Thom Tillis (R-NC), Jon Ossoff (D-GA), Shelley Moore Capito (R-WV), Jeff Merkley (D-OR), Martin Heinrich (D-NM), Rob Portman (R-OH), Amy Klobuchar (D-MN), and Joe Manchin (D-WV). The House companion bill was introduced by Representatives Nydia M. Velázquez (NY-07), Blaine Luetkemeyer (MO-03), Carolyn Bourdeaux (GA-07), and Young Kim (CA-39).