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

The 90-day PPP extension is ACTUALLY a 60-day extension: APPLY NOW!

In this 2-minute read: The Paycheck Protection Program Extension Act of 2021 extends the PPP to the end of June, […]

Read More

PPP loans for developers, coders, IT professionals (apply before May 31, 2021!)

In this 7-minute read: Can developers, programmers, coders and other IT professionals apply for the PPP loan? Maximum PPP loan […]

Read More

PPP guide for food truck and snack cart owners (apply by May 31, 2021!)

In this 7-minute read: Are food truck and snack cart owners eligible for PPP loans? How much can food truck […]

Read More

If I work on a cruise ship, can I get a PPP loan? (plus 2021 rules updates)

In this 7-minute read: What types of cruise ship workers are eligible for the PPP loan? If I get the […]

Read More

PPP guide for personal trainers, fitness instructors, and health counselors (plus 2021 rules updates!)

In this 8-minute read: Who qualifies for the PPP loan? What can personal trainers, fitness instructors, dietitians, weight loss counselors, […]

Read More

Guide to PPP loans for farmers and ranchers (new 2021 rules!)

In this 8-minute read: Can farmers, ranchers, and other agricultural producers get the PPP loan? Calculating your maximum PPP loan […]

Read More

Start Your PPP Application.

What describes you or your business best?

My business has multiple employees.

My business does not have multiple employees and/or I work for myself (e.g., Uber drivers, DoorDash couriers, independent contractors).