Travel industry pushes for expansion of PPP loan program
Lawmakers strive to extend the paycheck protection program for struggling small business owners. try paydaychampion
The popular loan program is expected to close on March 31; however, many would like this deadline to be extended. A new bill has been introduced in the House of Representatives that would give the program another two months.
Biparty Paycheck Protection Program Extension Law, introduced by House Small Business Committee Chairperson Nydia Velazquez, DN.Y .; Rep. Blaine Luetkemeyer, R-Mo., Rep. Carolyn Bourdeaux, D-Ga .; be p. Young Kim, R-Calif., Comes after a series of calls from lenders, businesses and other advocates to expand the P3.
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A bipartisan companion bill was also introduced in the Senate by the Chairman of the US Senate Committee on Small Business and Entrepreneurship, Ben Cardin, D-Md .; Senator Susan Collins, R-ME; and Senator Jeanne Shaheen, DN.H.
“As one of the original creators of the Paycheck Protection Program last year, I was disappointed that despite our best efforts, the American Rescue Plan unfortunately did not include an extension of these. ready, ”Shaheen said in a statement. “I am pleased to build on the bipartisan work that Senators Collins, Cardin and I began last year when we established the Paycheque Protection Program by taking this common sense step to extend the deadline. PPP loans. Congress must act to preserve this lifeline for small businesses trying to stay afloat. ”
The American Society of Travel Advisors and the US Travel Association have pushed for extension.
“The hardest-hit US businesses are still in urgent need of help, so extending the PPP application deadline is critical to help the US economy get through the uncertain next few months,” said Tori, vice-president. executive chairman of the US Travel Association for public affairs and politics. Emerson Barnes. “The entertainment and hospitality industry currently accounts for nearly 40% of all unemployment in the United States, and it’s still unclear when travel demand can finally rebound on its own. Scaling up PPP is vital for travel employers to keep their lights on, when many would otherwise risk going out of business and losing their jobs for good. ”
Barnes hopes that this legislation will be passed quickly.
“We hope that the PPP extension law will be reviewed and passed next week,” she said.