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Michigan Credit Union League

Pres. Biden Signs PPP Extension Bill, Allowing Loan Applications Through May 31

Tuesday, about one week after last week’s 92-7 vote in the Senate to extend the deadline for Paycheck Protection Program (PPP) applications through May 31st, Pres. Biden has signed the bill into law. This law also gives the Small Business Administration an extra 30 days (through June 30) to process applications.

“Today I am proud to sign the extension for the second round of PPP,” said Biden, while signing H.R. 1799. “It is a bipartisan accomplishment. Nearly 90,000 businesses are still in line and without someone signing this bill today there are hundreds of thousands of people that could lose their job.”

The Michigan Credit Union League (MCUL) estimates that the state’s credit unions helped more than 10,400 small businesses access over $600 million from the SBA’s program. On average, these businesses had just five employees, and the median loan size was $20,400. In addition, more than 10% of these very small businesses became new members after being unable to borrow from their existing bank.

Read more about Michigan credit unions ready to assist minority-owned business with PPP applications here.

For more information and to find an SBA approved credit union visit CULinkMichigan.com/smallbiz.

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2021-03-31 00:00:00