Today, Rep. Cindy Axne (IA-03) issued the following statement on her vote with a bipartisan majority of the U.S. House of Representatives to extend the Paycheck Protection Program (PPP) through May 31st:
“The Paycheck Protection Program is currently set to expire at the end of the month – but our small businesses still need more help to get through this crisis. I’m proud to support extending this program to make sure we finish the job of supporting Iowa’s hardest hit.
Iowa’s lenders have made almost $2 billion of PPP loans since the program reopened earlier this year, and I’m especially happy that we’ve made changes to give more support to farmers and to sole proprietors this year. With more than $90 billion still available, we should give businesses more time to apply and get assistance.”
The PPP Extension Act, which Rep. Axne co-sponsored, would extend the application deadline for PPP loans from March 31st to May 31st, giving businesses an additional two months to apply. It would also give the Small Business Administration until June 30th to approve any applications which have been submitted by May 31st.
As of March 7th, Iowa businesses had received more than $1.9 billion in approved PPP loans since they relaunched in January 2021, and had made an additional $5 billion of PPP loans during 2020.
Original source can be found here.
