President Biden Signs Bill Extending PPP to May 31

On March 30, President Biden signed the Paycheck Protection Program (PPP) Extension Act which extends the program to May 31 from the original application deadline of March 31. This two-month extension is critical for helping the most financially underserved small businesses access funding — as OFN President and CEO Lisa Mensah emphasized on March 17 in her testimony before the U.S. Senate Committee on Small Business & Entrepreneurship:

“We need more time and a little more help from Congress for the Paycheck Protection Program to realize its full promise. . . . Right now, Congress can take steps to build a stronger and more inclusive economy for the long term. CDFIs are pivotal to this work and I urge Congress to invest in the institutions that are here on the ground in our rural, urban, and Native communities.”

We thank Congress and the Biden-Harris Administration for listening to OFN in our call to ensure equitable PPP access for small businesses in every community!

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