On March 30, President Biden signed the Paycheck Protection Program (PPP) Extension Act which extends the program to May 31 from the original application deadline of March 31. This two-month extension is critical for helping the most financially underserved small businesses access funding — as OFN President and CEO Lisa Mensah emphasized on March 17 in her testimony before the U.S. Senate Committee on Small Business & Entrepreneurship:
"We need more time and a little more help from Congress for the Paycheck Protection Program to realize its full promise. . . . Right now, Congress can take steps to build a stronger and more inclusive economy for the long term. CDFIs are pivotal to this work and I urge Congress to invest in the institutions that are here on the ground in our rural, urban, and Native communities."
We thank Congress and the Biden-Harris Administration for listening to OFN in our call to ensure equitable PPP access for small businesses in every community!