Durbin Statement on Senate Passage of Extension of Paycheck Protection Program
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL) today released the following statement after the Senate passed the Paycheck Protection Program (PPP) Extension Act of 2021, which extends the PPP through June 30, 2021. The bill now heads to the President’s desk for signature:
“The extension of the PPP will keep Illinoisans employed and allow small businesses to survive. We must do everything we can to support this economy as we recover from the devastation caused by this pandemic.”
Today’s extension will keep the application window for borrowers open through May 31, 2021, while the Small Business Administration will have the authority to process pending applications until June 30, 2021.
In total, more than $813 billion has been appropriated for the PPP in several pieces of legislation since the program was created in the CARES Act one year ago. To date, the program has provided loans totaling nearly $33 billion to more than 409,000 small employers across Illinois.
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