Stabenow, Peters Help Senate Pass Extension of Paycheck Protection Program to Provide Additional Support for Michigan Small Businesses During COVID-19 Crisis
Michigan’s Small Businesses Can Now Apply for PPP Loans Through May 31st; Recently Enacted American Rescue Plan Includes Additional Support for Small BusinessesThursday, March 25, 2021
WASHINGTON, D.C. – U.S. Senators Debbie Stabenow and Gary Peters today announced the U.S. Senate passed the PPP Extension Act to extend the Paycheck Protection Program for two more months. This program gives loans to small businesses impacted by the COVID-19 pandemic to help pay their employees and other expenses. The program also offers full loan forgiveness if the loan is spent in this way. Currently, the Paycheck Protection Program expires on March 31.
“Michigan’s small businesses are the backbone our economy, but too many of them are still struggling to keep the lights on during this pandemic. The extension of the Paycheck Protection Program gives small business owners the tools and funding they need to keep their workers, reopen their doors and stay in business,” said Senator Stabenow.
“As our communities continue to confront this unprecedented economic crisis, it is critical that our small businesses and workers receive the support they need to stay afloat,” said Senator Peters. “I am pleased to help the Senate pass this extension for the Paycheck Protection Program that will ensure that small businesses can continue to apply for federal relief – which I helped enact recently as part of the American Rescue Plan. I'll keep fighting to ensure that small businesses across Michigan have the resources needed to retain staff, adapt operations and emerge from this pandemic stronger than before.”
The bill passed the House of Representatives on March 16 and now heads to President Joe Biden’s desk for his signature.
Earlier this month, Senators Stabenow and Peters helped pass the American Rescue Plan, which included billions in support for small businesses. The American Rescue plan included $15 billion in additional relief for the Targeted Economic Injury Disaster Loan Advance program, provided $7.25 billion for the Paycheck Protection Program, expanded PPP for non-profits, and established a Community Navigator program to improve access to COVID-19 relief for underserved communities.
The law also established a $25 billion fund to help local restaurants keep their doors open and workers employed and an additional $1.25 billion for Shuttered Venue Operator Grants for live venues, theaters and cultural institutions. The law included $10 billion in new funding for the State Small Business Credit Initiative — an effort Peters and Stabenow led — to help small businesses grow and create jobs as the economy recovers from the pandemic.
To learn more about the American Rescue Plan, click here.
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