NAR supports Congress’s two-month extension of Payroll Protection Program; Biden expected to sign into law
With the House’s affirmative vote last Thursday, Congress approved an extension of the Payroll Protection Program (PPP) from March 31 to May 31. President Biden is expected to soon sign it into law.
The National Association of REALTORS® (NAR) supports the bipartisan bill because the PPP has been a lifeline for many small businesses, independent contractors and sole proprietors – including many REALTORS® – since the beginning of the pandemic. By extending the program, the proposed legislation gives new applicants two months to submit new applications and gives Small Business Association lenders an additional 30 days for processing. On March 11, President Biden signed the American Rescue Plan, which included $7.25 billion in Payroll Protection Plan funding.
As the House considered the PPP Extension Act of 2021 (HR 1799) and the Senate’s companion legislation (S 723), NAR urged the House and Senate members to approve the legislation, sending letters of support. Read the House letter and the Senate letter.