Rep. Kim’s PPP Extension Act Provided an Estimated 2.7 Million Small Business Loans Worth $54 Billion
Washington, DC – As communities across the country safely reopen, the Small Business Administration (SBA) Paycheck Protection Program (PPP) closed this week. The SBA had approved 11.6 million PPP loans by May 23 totaling roughly $796 billion.
The PPP Extension Act, a bipartisan bill to extend the PPP loan application deadline to May 31, provided for an estimated 2.7 million loans totaling roughly $54 billion. After the closing of the PPP, Rep. Young Kim (CA-39), who was one of the main authors of this bill, released the following statement:
“Our small business owners in California’s 39th District and across U.S. communities were hit hard by the COVID-19 pandemic. In California alone, nearly 20,000 businesses had to permanently close their doors,” said Kim. “I am proud to have worked on this commonsense, bipartisan effort to provide small business owners more time to apply for PPP relief to keep their doors open and employees on payroll and am pleased to see that millions of small business owners benefited from this deadline extension. As a former small business owner and Ranking Member of the Innovation, Entrepreneurship and Workforce Development Subcommittee, I will continue to do all I can to fight for entrepreneurs of all backgrounds.”
H.R. 1799, the PPP Extension Act, was introduced by Rep. Kim along with Rep. Carolyn Bourdeaux (GA-07), Small Business Committee Ranking Member Blaine Luetkemeyer (MO-03) and Chairwoman Nydia Velazquez (NY-07) to extend the PPP deadline to May 31. The law also moved the window for the SBA to process loans to June 30, addressing the concerns of financial institutions and giving them the certainty needed to write loans to small businesses up to the program’s deadline.
Final numbers should be announced in the coming weeks after the SBA finishes administering the loan applications on June 30.