President Trump Signs Bipartisan Balderson, Craig PPP Extension Bill Into Law
Washington, July 4, 2020
WASHINGTON — President Trump signed bipartisan legislation this morning, sponsored by Representatives Troy Balderson (R-OH) and Angie Craig (D-MN), extending the widely popular Paycheck Protection Program (PPP) until August 8, 2020. Passed unanimously by the House of Representatives on Wednesday, H.R. 7437/S. 4116 makes available the remaining already-approved $130 billion in COVID-19 relief for small businesses.
“The Paycheck Protection Program has been instrumental in helping employers keep workers on payroll during the pandemic and, thanks to this extension signed into law today, it will continue to play an important role as our economy reopens and Ohioans get back to business,” said Congressman Balderson. "I am proud to join my colleague, Rep. Angie Craig, in leading this bipartisan effort."
“I’ll never stop fighting to keep the American Dream alive, especially not in the middle of a global pandemic. That’s why I urgently worked across the aisle to secure an extension of the PPP program. Our communities deserve our commitment that their best interests are what is driving our legislation,” said Congresswoman Craig.
Representatives Balderson and Craig both serve on the House Committee on Small Business, which is the primary committee of jurisdiction over small business relief programs implemented by the U.S. Small Business Administration (SBA).
Administered by the SBA, the PPP is a forgivable loan designed to provide direct support for small businesses to keep their workers on payroll and their lights on. Enactment of H.R. 7437 means small businesses will have access to apply for the remaining $130 billion in relief until August 8.
Eligible small businesses may apply for PPP loans through any existing SBA-approved lending institution before the August 8 deadline. More information about PPP loans is available on the SBA website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options and additional small business resources are available on Balderson’s website at https://balderson.house.gov/coronavirus-updates/resources-for-small-businesses.htm.
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