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SBA Administrator Isabella Casillas Guzman’s Statement on President Biden signing the PPP Extension Act of 2021 into law, as Connecticut approved PPP loans top 102,000 in 2020/2021

Release Date: 
Tuesday, March 30, 2021
Release Number: 
21-11
Contact: 
moraima.gutierrez@sba.gov

CONNECTICUT – As President Joe Biden signed the PPP Extension Act of 2021 into law today, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still pending, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration, said: 

Today, President Biden sent another strong message to America’s more than 30 million small business owners negatively impacted by the pandemic: help is here. By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the President is providing additional critical relief to the smallest of the small businesses – the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.

The leadership of the Biden-Harris Administration, working with leaders of the House Small Business Committee, Chairwoman Nydia Velázquez, and Ranking Member Blaine Luetkemeyer, Reps. Carolyn Bourdeaux and Young Kim, and Senate Small Business and Entrepreneurship Committee Chairman Ben Cardin, and Senators Jeanne Shaheen and Susan Collins, ensured a strong bipartisan vote to extend this critical relief to hard-hit small businesses. More than 8.2 million PPP loans have provided struggling small businesses with the relief they need to keep workers employed and make ends meets during this pandemic. The SBA remains dedicated to reaching the heart and soul of the nation’s urban, rural, and low-income communities – the smallest businesses – and removing barriers to access this vital relief.”  

As of March 28, 2021, approximately 38,000 Paycheck Protection Program loans totaling $2.8 billion have been approved for Connecticut small businesses and entities since PPP re-opened in January. Since the PPP program first opened in 2020, Connecticut has received over 102,000 PPP loans totaling $9.5 billion.  

“The two-month extension enables the Connecticut District Office, along with our resource partners more opportunities to ensure equitable access to capital in low- and moderate-income communities. I encourage our Connecticut small businesses, especially mom & pop businesses, to take advantage of this additional time to apply and be approved for an SBA PPP forgivable loan,” said Catherine Marx, SBA Connecticut District Director.  To learn more about the Biden Administration’s steps to promote equitable access to SBA relief, including PPP loan calculation changes for sole proprietors, single member LLCs, 1099 self-employed individuals, click here.

 


 

About the U.S. Small Business Administration 

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.­