MARCH ADVOCACY UPDATE

PPP Extension:

Today, the U.S. Senate passed the PPP Extension Act of 2021 by a vote of 92-7. The bill was introduced by Senate Small Business Committee Chair Ben Cardin (D-Md.) and Senators Susan Collins (R-Maine) and Jeanne Shaheen (D-N.H.).

This will 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 House of Representatives passed the bill on March 16 by a vote of 415-3. The bill now heads to President Biden’s desk to be signed into law.

The bill is co-sponsored by Senators Roger Marshall (R-Kan.), Dan Sullivan (R-Alaska), Jacky Rosen (D-Nev.), Lisa Murkowski (R-Alaska), Patrick Leahy (D-Vt.), Ron Wyden (D-Ore.), Thom Tillis (R-N.C.), Jon Ossoff (D-Ga.), Shelley Moore Capito (R-W.V.), Jeff Merkley (D-Ore.), Martin Heinrich (D-N.M.), Rob Portman (R-Ohio), Amy Klobuchar (D-Minn.), and Joe Manchin (D-W.V.).

Representatives Nydia M. Velázquez (D-N.Y.), Blaine Luetkemeyer (R-Mo.), Carolyn Bourdeaux (D-Ga.), and Young Kim (D-Calif.) introduced the bill in the House. The bill was endorsed by nearly 100 organizations, including the NAWBO!

COVID Economic Injury Disaster Loan (EIDL) Program Changes:
During today's Senate Small Business and Entrepreneurship Committee hearing, the SBA made some important announcements.

Today, the SBA announced that they would be lifting the cap from $150,000 to $500,000 for COVID Economic Injury Disaster Loan (EIDL) loans. It will start on April 6^th.
The SBA also said they hope to lift it back to $2 M sometime in April.
The calculation will be based on up to 24 months of working capital vs. the previous six months.
If you have already received a COVID EIDL loan, the SBA will be emailing you in the coming days to provide more details on how you can request an increase in your loan size.

Earlier this month, the SBA announced that now, businesses have 24 months from the loan date to start repaying ANY disaster loans made in 2020. For loans made in 2021, payments would begin 18 months after the loan is made.

Restaurant Grant Program:
During today's hearing, they didn't give a firm date on the restaurant program's start, but it sounds like they are about a month away from being up and running.