PPP deadline looms: Womply joins 500+ orgs urging Congress for an extension

Please note, though the PPP application deadline is being extended, you only have until May 31, 2021 to get your application submitted to the SBA. After that, the SBA will only process existing applications that have already been submitted, until the PPP deadline of June 30, 2021.

 

In a letter to Congress dated March 1, 2021, Womply has joined more than 500 national trade organizations, small business organizations, chambers of commerce, businesses, sole proprietors, and independent contractors in urging lawmakers to extend the PPP loan program until at least June 30, 2021.

Recent changes to the PPP rules under the Biden administration have been announced with the intent of serving a greater number of America’s small businesses in allowing them access to vital, forgivable stimulus loans. However, these same changes have created a difficult situation for SBA lenders and loan facilitators who are scrambling to update their processes and systems to align with the new rules quickly enough to allow these struggling businesses, contractors, and sole proprietors to submit their PPP applications before the current March 31, 2021 deadline.

View letter as PDF

You can see the full text of the letter below.

Content of letter is as follows:

March 1, 2021

Dear Speaker Pelosi and Leaders Schumer, McConnell, and McCarthy:

Thank you for supporting America’s small businesses throughout the COVID-19 pandemic. The CARES Act, Omnibus COVID Relief Deal, and tireless efforts of many Federal employees saved millions of small businesses and tens of millions of jobs.

As you know, the Paycheck Protection Program (PPP) is scheduled to end on March 31. We urge Congress to extend the PPP until at least June 30th, 2021.

Last Monday, President Biden and the Small Business Administration (SBA) announced changes that are intended to make the PPP more inclusive and accessible to under-served businesses. We applaud the direction of these changes and the renewed effort to build upon and improve the PPP.

However, these changes will make it even harder for the millions of businesses working on PPP applications to submit them to the SBA before the deadline. Some of the undersigned lenders already have hundreds of thousands of backlogged PPP applications. Many applications will require revisions after new rules are published this week. And another wave of applications is widely expected.

There is simply not enough time in the next month for the SBA and ~5,000 lenders to convert rule changes into technical, content, support, and compliance updates and then get new applicants processed, approved, and funded. Therefore, many eligible businesses, independent contractors, sole proprietors, and self-employed people will not be approved before the March 31st, 2021 deadline.

A diverse set of organizations, companies, and individuals are working hard to achieve the goals set forth by Congress and supported by the President. Massive outreach efforts are underway to reach the smallest businesses, those in low-and-middle-income communities, and any who have been under-served to date.

Data, technology, and human capital are being applied to help every eligible small business get funding. Many organizations are eager to partner with the SBA and to continue investing to help businesses get access.

We all want small businesses to survive so we can rebuild our communities. Therefore, we ask that you extend the Paycheck Protection Program until at least June 30, 2021.

Blog

How to change business name on facebook (walkthrough for desktop and mobile)

In this how-to article we’ll cover the main reasons to change your business name on Facebook, how to change your […]

Read More

14 best freelancing sites (plus tips for starting your freelance career in 2021)

What are the best freelancing sites and platforms to get you started in your freelance work? Let’s have a close […]

Read More

Best lead generation websites for contractors and freelancers

In this 8-minute read, we’ll go over the best lead generation websites for contractors and freelancers, discuss what is a […]

Read More

13 best freelance jobs for 2021 (and tips to get started)

In this 10-minute read: What is freelancing or freelance work? Best freelance jobs for highest pay Top freelance jobs that […]

Read More

41 small town business ideas that thrive

Small towns offer more business opportunities than you might think. A lower population size is one drawback in exchange for […]

Read More

How to spot fake Instagram followers, profiles, reviews (and how to report them)

In this 7-minute read: Do the Instagram accounts you follow have fake followers? Are you following fake Instagram accounts? Why […]

Read More

See why Womply is the #1 marketing and CRM solution used by 500,000+ businesses.

Please start typing, and then choose your business from the dropdown.

By submitting this form you agree to Womply’s Terms of Service and Privacy Policy.