CONTACT: Barbara Hagenbaugh
Extending PPP will allow all small businesses to receive support
Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following today after lawmakers approved a measure to extend the 2021 Paycheck Protection Program until May 31, giving the Small Business Administration until June 30 to process loans:
“Small businesses across the country are receiving a much-needed boost after lawmakers extended the Paycheck Protection Program. Members of the Financial Services Forum look forward to continuing their strong support of the nation’s small businesses.”
The Paycheck Protection Program is a government program that was first created by Congress last year to provide fully forgivable loans to small business owners. The 2021 PPP was slated to end on March 31, but legislators today extended the application deadline to May 31 and provided an additional 30 days for the SBA to process loans. Under the extension, from June 1 until June 30, the SBA may only process applications submitted prior to June 1, and it may not accept any new loan applications.
Members of the Financial Services Forum have been strong partners of the PPP, facilitating $69 billion in loans to 848,696 small businesses in 2020. More than one-third of those loans were made to businesses in communities in which the majority of the people are minorities, and 91 percent of the PPP loans by Forum members last year were made to businesses with 20 or fewer employees. In addition, Forum members have extended significant support to Community Development Financial Institutions to support their PPP lending in traditionally underserved communities.
To learn more about Forum member work on PPP and other efforts to support the economy during the pandemic, go to fsforum.com/coronavirus-response/.
The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
Visit our website: fsforum.com