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WASHINGTON – U.S. Senator Kevin Cramer (R-ND), a Senate Banking Committee member, issued the following statement on Congress passing legislation today to extend the deadline for businesses and nonprofits to apply for loans through the Paycheck Protection Program (PPP) to May 31, 2021:
“The Paycheck Protection Program has been wildly popular in North Dakota, giving a significant number of our small businesses and nonprofits the resources they need to get through the pandemic. We should not let it shut down right as we are on the verge of a strong recovery. I urge lenders to make sure they are prepared for additional applicants and any borrowers in our state to check if they are eligible and apply as needed.”
The application deadline was originally set to expire on March 31. Last week, Senator Cramer introduced legislation to extend the PPP application deadline. The senator used his seat on the Senate Banking Committee last year to help craft PPP with the input from North Dakota’s small business and financial leaders. In December, he was able to get legislation passed to streamline the PPP forgiveness process for small businesses.