Malliotakis Pushes to Extend PPP Application Deadline

(WASHINGTON, DC) - Congresswoman Nicole Malliotakis (NY-11) today introduced with Rep. Elise Stefanik (NY-21) legislation that would amend the Small Business Act (SBA) and the CARES Act to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to June 30, 2021. Approximately $130 billion in funds allocated for small businesses through previous COVID-relief packages remains unspent.

"I've heard from small businesses all across my district that are still struggling to keep their doors open because of the city and state's arbitrary guidelines and closure mandates," said Congresswoman Malliotakis. "Many of these businesses are still filling out their loan applications, struggling to navigate the difficulties of the SBA system while also working to keep their expenses in check. My bill aims to ensure these small businesses have ample time to apply and receive the financial assistance they desperately need because of government inaction."

“More than $128 billion for small businesses through the Paycheck Protection Program remains, but the deadline to apply is less than 3 weeks away," said Congresswoman Stefanik. "North Country small businesses are still hurting, and it’s absolutely essential this bill is passed to give them more time to determine their loan amount eligibility, file an application, resolve any potential issues, and access these critical funds.”

According to a February report, three out of every ten businesses say they will not survive 2021 without additional assistance from the federal government. Congress previously allocated $284 billion in funding for PPP2, however, only a little more than half of that funding ($156,253,510,068) has been approved. In total. the PPP has loaned nearly $680 billion to small businesses in need of government assistance.