WASHINGTON (KCAU) – Small businesses across the country will have two more months of an economic lifeline.
President Joe Biden signed a bill that would extend the Paycheck Protection Program (PPP).
“Without somebody signing this bill [on Tuesday], there are hundreds of thousands of people who could lose their jobs and small family businesses that might close forever,” said President Biden.
The program’s benefits were set to expire on March 31 but will be extended through May 31 while it continues to help businesses financially during the COVID-19 pandemic.
The PPP extension will give small business administration officials more time to handle current business loans.