BREAKING: Rep. Young Kim Bipartisan Bill to Extend PPP Deadline Passes House
First Bill of Rep. Kim’s to Pass House is Bipartisan and Helps Small Businesses
WASHINGTON, DC – Today the House passed the Paycheck Protection Program (PPP) Extension Act (H.R. 1799), a bipartisan bill by U.S. Representative Young Kim (CA-39) to provide our nation’s small businesses with targeted, commonsense relief during COVID-19.
The bipartisan PPP Extension Act, introduced by Rep. Kim along with House Small Business Committee Ranking Member Blaine Leutkemeyer (MO-03), Chairwoman Nydia Velazquez (NY-07) and Rep. Carolyn Bourdeaux (GA-07), simply extends the deadline to May 31 for small businesses to apply for a PPP loan, and gives the Small Business Administration (SBA) an additional 30 days to process applications. With hundreds of billions in funds left in the PPP, this bill allows our small businesses more time to get the targeted relief they need as communities safely reopen during COVID-19.
Rep. Kim came to Congress to cut through the gridlock and fight for commonsense policies to help the people of the 39th District. The PPP Extension Act, a bipartisan bill to help small businesses and workers during the COVID-19 pandemic, does just that.
“California’s small businesses have been some of the hardest hit in the country by COVID-19 and restrictive lockdowns, leading nearly 20,000 businesses to permanently close. We must ensure the billions in PPP funding left gets directly into the hands of our small business owners,” said Kim. “This bill provides our small businesses the opportunity to receive the relief they need to stay afloat as we work to safely reopen our communities during this pandemic. I thank my House colleagues for supporting this commonsense bill and I urge the Senate to take swift action to support our small businesses. I’ll continue to do all I can to get through the gridlock and get things done for my constituents.”
“As America begins to open up for business and vaccines become more widely distributed across the country, we must provide targeted relief for small businesses that need it most," said Ranking Member Luetkemeyer. "This bipartisan legislation will provide a commonsense extension to the Paycheck Protection Program and the tools for Main Street USA to contribute to their local economies once again. I would like to thank Congresswoman Young Kim for her critical work and leadership on this issue.”
“Based on recent economic data and the demand for PPP loans, it’s clear that small businesses still need support. We are making progress in our public health fight against this virus, but this pandemic continues to impact communities across the country, and we can’t let up on our efforts,” said Chairwoman Velázquez. “By providing small businesses with two more months to apply and giving the SBA an additional month to process applications, we will help ensure critical support isn’t cut off. I thank Ranking Member Luetkemeyer and Representatives Bourdeaux and Kim for their leadership on this bill and encourage our colleagues in the Senate to act quickly to send this legislation to President Biden’s desk.”
“Today, I am proud that my bipartisan PPP Extension Act passed the United States House of Representatives with an overwhelming margin. This bill originated with local business owners in my District, who came to me with their concerns regarding the PPP application period ending in March. This bill will extend that deadline, allowing more of our small businesses the opportunity to access critically-needed funds. It also creates a one month processing period, to avoid bureaucratic delays in distribution of funds. I thank Chairwoman Velázquez, Ranking Member Luetkemeyer, Congresswoman Kim, all of our cosponsors, and all the supporting organizations for supporting such an important measure,” said Congresswoman Bourdeaux.
The PPP Extension Act is supported by many small business and groups across the 39th Congressional District of California, such as:
- Orange County Business Council
- Korean American Chamber of Commerce of OC
- San Gabriel Valley Economic Partnership
- Brea Chamber of Commerce
- Yorba Linda Chamber of Commerce
- La Habra Chamber of Commerce