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ABA: The American Bankers Association
Statement

ABA Statement on Legislation to Extend Paycheck Protection Program

“We applaud members of the House and Senate for passing the Paycheck Protection Program Extension Act with strong bipartisan support and urge President Biden to quickly sign it into law. This legislation will help ensure that small businesses that have already applied for a PPP loan will be able to get that loan processed, rather than risk seeing this program end before their paperwork can be completed. It will also provide more time for still-struggling small businesses that have not yet applied for a PPP loan to do so.

“Banks of all sizes have stepped up during the pandemic to strongly support this unprecedented program and deliver more than $675 billion in PPP loans to small businesses, helping to support millions of jobs in the process. We will continue to work in partnership with the SBA to identify and address operational issues that are keeping the program from reaching its full potential. Providing an additional two months for small business borrowers to access PPP funding and an extra month for SBA to process PPP loans is a common-sense step that will support the economic recovery.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.

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Ian McKendry

(202) 663-5473

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