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With about $128 billion currently up for grabs, the Paycheck Protection Program will sunset at the end of this month and, as yet, there are no plans to revive it.
Neither the House nor Senate versions of the latest $1.9 trillion stimulus package dubbed the American Rescue Plan Act, which is expected to reach the President s desk by March 14 include an extension of the PPP. Though, lawmakers do earmark another $7.25 billion additional funding for the program, which kicked off again in mid-January with $284.5 billion. Lawmakers also intend to open it up to larger non-profits.
The forgivable loan program, which has helped more than 7.3 million businesses access more than $679 billion in aid, is largely expected to end with money left over. However, business groups and owners themselves say more time is needed to help those that have, thus far, been unable to gain access to the offering.