On Tuesday, President Biden signed a bill extending the the deadline to apply for Paycheck Protection Program (PPP) funding from March 31, 2021 to May 31, 2021.

The Paycheck Protection Program is an SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis.

“Nearly 90,000 business owners are still in line, and there’s money left. Without somebody signing this bill today, there are hundreds of thousands of people who could lose their jobs, and small and family businesses that might close forever. And, as you know, small business is the backbone of our economy, representing almost 50% of all the employees in America,” Biden said at the signing.

Read more about Paycheck Protection Program funding below:

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