Hard-Hit Small Businesses Can Now Apply For Emergency Funding Through May 31st
WASHINGTON, DC – U.S. Senator Gary Peters (MI) today helped pass an extension of the application deadline for the Paycheck Protection Program (PPP). With the original deadline set for the end of this month, qualifying small businesses and non-profits will now be able to apply for this emergency funding through May 31st. Interested applicants are highly encouraged to visit the PPP section of the Small Business Administration’s website to find out if they eligible.
“As our communities continue to confront this unprecedented economic crisis, it is critical that our small businesses and workers receive the support they need to stay afloat,” said Senator Peters, a member of the Commerce, Science and Transportation Committee. “This extension for the PPP will ensure that more hard-hit organizations can apply for emergency loans, and I'll keep fighting to ensure that small businesses across Michigan have the resources needed to retain staff, adapt operations and emerge from this pandemic stronger than before.”
Peters has led numerous efforts to help Michigan small businesses navigate the Coronavirus pandemic. Earlier this month, Peters helped enact $7 billion in support for the PPP through the American Rescue Plan. This funding was in addition to the $325 billion that Peters helped secure for the program as part of the COVID-19 relief package enacted this past December. Additionally, Peters introduced bipartisan legislation this past July that would help small businesses that are dealing with dramatic loss of revenue by creating a loan program to provide funding to jump-start the hardest-hit businesses.
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