Duckworth Calls for Extension of PPP Program and Simplification of Loan Forgiveness Process at SBE Hearing
[WASHINGTON, D.C.] — U.S. Senator Tammy Duckworth (D-IL), a member of the Small Business and Entrepreneurship Committee, today highlighted her support for extending the Paycheck Protection Program (PPP) beyond its current deadline of March 31, 2021. Many large nonprofits were just recently made eligible for PPP funding in the American Rescue Plan but may be shut out if the current deadline is not extended. Duckworth also discussed the importance of adhering to Congressional intent for SBA’s loan forgiveness process. Video of the Senator’s questions can be found here.
“While our nation appears to be emerging from this deadly pandemic, we must sustain relief efforts so that our businesses and nonprofits can keep their doors open and we can build back better than before,” Duckworth said. “In order to achieve those goals, we must make sure that nonprofits in Illinois and across the nation—who have done so much to help get us back on the right track—are able to access the relief they need and implement a simple, streamlined PPP loan forgiveness process for our small businesses.
Duckworth discussed some of these issues when she met with U.S. Small Business Administration (SBA) Administrator Isabel Guzman in January of this year. Duckworth also co-sponsored legislation calling for a second round of Paycheck Protection Program (PPP) loans and expanded eligibility for nonprofits. The final agreement included more than $284 billion to replenish the PPP for both first and second round forgivable loans, expansions in eligibility for nonprofits and funding directly dedicated live venues, movie theaters and cultural institutions.
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