PAYCHECK PROTECTION PROGRAM DEADLINE EXTENSION

Mark Campanale Government Relations Updates, Members Only

On Wednesday, March 10 the U. S. House of Representatives Small Business Committee indicated during a hearing they are open to extending the Paycheck Protection Program’s lending authority past the current March 31, 2021 expiration date.  

Chairwoman Rep. Nydia Velazquez-NY stated, “it’s clear small businesses still need help, but lingering issues in the program have created a need for Congress to consider a short-term extension.” 

Committee Ranking Member, Rep. Blaine Luetkemeyer-MO, has a long-time open door policy for NPA and Missouri pawnbrokers and an understanding of the pawn industry, stated his concerns that error codes are holding up at least 50,000 applications and that 10,000 of those may not get resolved by the end of March.  “Instead of taking applications that will never be processed by the SBA, they’re planning to shut down their PPP lending entirely before the deadline,” Luetkemeyer said.  

https://www.bankingdive.com/news/paycheck-protection-program-guidance-extend-deadline-sba/596151/