NAR Support Letter to Representatives Bourdeaux, Kim, Velázquez, and Luetkemeyer Regarding H.R. 1799, the PPP Extension Act
Issue Date: March 16, 2021
On March 16, NAR sent a letter to Representatives Bourdeaux, Kim, Velázquez, and Luetkemeyer.
The letter thanks the legislators for introducing H.R. 1799, the PPP Extension Act of 2021. The Paycheck Protection Program (PPP) has been a critical lifeline to small businesses dealing with losses due to the COVID-19 pandemic since it was created by the CARES Act in April 2020. The program has provided assistance to numerous entities impacted by the pandemic, allowing them to keep employees paid and meet other debt and financial obligations. NAR was pleased that Congress reauthorized and provided new funding for the PPP in the two recent COVID-19 relief packages, as this allows new borrowers to access these loans and makes second-draw loans available to the hardest-hit businesses. NAR was additionally pleased by the updates to the loan calculations for “Schedule C filers” – independent contractors, sole proprietors, and the self-employed – who were disadvantaged under the previous system.
The PPP Extension Act of 2021 takes the common-sense step of extending the program’s deadline, currently set to expire on March 31, 2021. By extending the application deadline two months through May 31, and giving lenders an additional 30 days to process those applications, Congress can give more businesses a chance to apply for the relief they need to survive this crisis.Please distribute the attached letter to Representatives Bourdeaux, Kim, Velázquez, and Luetkemeyer: