Title: PPP Extension Act of 2021
Policy area: Commerce

Summary:
PPP Extension Act of 2021
This bill extends the Paycheck Protection Program, established to support small businesses in response to COVID-19, through June 30, 2021. Currently, the program is set to expire on March 31, 2021.
For the final 30 days of the program (i.e., from June 1 until June 30), the Small Business Administration (SBA) may only process applications submitted prior to June 1, and it may not accept any new loan applications. The bill also prohibits the SBA from prioritizing certain applications over others.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 815 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                 S. 815

To amend the Small Business Act and the CARES Act to extend the covered 
  period for the paycheck protection program, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

               March 17 (legislative day, March 16), 2021

Mr. Rubio (for himself, Ms. Collins, Mr. Cramer, Mr. Risch, Mr. Braun, 
 Mr. Crapo, Mr. Barrasso, Mr. Lankford, Mrs. Capito, Mrs. Hyde-Smith, 
Mr. Scott of South Carolina, Mr. Rounds, and Mr. Hawley) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
To amend the Small Business Act and the CARES Act to extend the covered 
  period for the paycheck protection program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PPP Extension Act of 2021''.

SEC. 2. EXTENSION OF COVERED PERIOD FOR PAYCHECK PROTECTION PROGRAM.

    (a) In General.--Section 7(a)(36)(A)(iii) of the Small Business Act 
(15 U.S.C. 636(a)(36)(A)(iii)) is amended by striking ``March 31, 
2021'' and inserting ``June 30, 2021''.
    (b) Funding.--Section 1102(b)(1) of the CARES Act (Public Law 116-
136), as amended by section 323 of the Economic Aid to Hard-Hit Small 
Businesses, Nonprofits, and Venues Act (title III of division N of 
Public Law 116-260), is amended by striking ``March 31, 2021'' and 
inserting ``June 30, 2021''.
    (c) Restrictions.--
            (1) Processing.--From June 1, 2021, through June 30, 2021, 
        the Administrator of the Small Business Administration shall 
        not accept new lender applications for loans under paragraph 
        (36) or (37) of section 7(a) of the Small Business Act (15 
        U.S.C. 636(a)) and shall only process such lender applications 
        that have been submitted to the Administrator before June 1, 
        2021.
            (2) Limitation on prioritization.--During the period 
        beginning on the date of enactment of this Act and ending on 
        the last day of the covered period, as defined in section 
        7(a)(36)(A)(iii) of the Small Business Act (15 U.S.C. 
        636(a)(36)(A)(iii)), as amended by this Act, the Administrator 
        of the Small Business Administration may not establish or 
        enforce any priority for processing lender applications under 
        paragraph (36) or (37) of section 7(a) of the Small Business 
        Act (15 U.S.C. 636(a)), except for any priority reasonably 
        necessary to carry out the set-asides established under section 
        323(d) of the Economic Aid to Hard-Hit Small Businesses, 
        Nonprofits, and Venues Act (title III of division N of Public 
        Law 116-260).
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