ILPA Applauds House Passing PPP Extension; Urges Quick Senate Action
Online lenders note small businesses are still recovering and need more time for PPP
loans to be processed
WASHINGTON – March 17, 2021 – The Innovative Lending Platform Association (ILPA) applauds the U.S. House of Representatives for passing an extension of the Paycheck Protection Program (PPP) on Tuesday by a vote of 415-3.
“The House of Representatives recognizes the need for an immediate PPP extension to allow more small businesses to access emergency relief, and the Senate needs to do the same now,” said ILPA CEO Scott Stewart. “House Small Business Committee Chairwoman Nydia Velazquez (D-NY) and Ranking Member Blaine Blaine Luetkemeyer (R-MO) have shown great leadership by acting in a bipartisan manner to serve the best interests of the country’s small businesses. We hope the Senate approves the Senate Small Business Committee Chairman Ben Cardin’s (D-MD) and Senator Susan Collins’ (R-ME) companion legislation before the end of March.”
ILPA represents the majority of the largest and most recognizable brands in the online small business lending industry. Its members have helped underserved, and minority communities access the Paycheck Protection Program (PPP).
Recent enhancements to the PPP authored by the Biden-Harris Administration allow the smallest of small businesses – especially those in underserved and minority communities – to access relief programs. However, PPP is currently set to expire on March 31, 2021, if Congress does not take further action.
“The slower pace of SBA processing PPP loans in this round created the need for an extension, especially for those loans helping underserved and minority-owned businesses. PPP is one of the few small business economic lifelines that work as the economy continues to recover. ILPA stands ready to work with the Senate in support of a PPP extension,” Scott noted.
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