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<ul class="summary-list"><li>The House <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">Small Business</keyword> Committee introduced legislation to extend the PPP through May 31.</li><li>The program is set to expire this month.</li><li><keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s stimulus bill includes additional aid for small businesses but not a PPP extension.</li></ul>Ahead of its current expiration date on March 31, the House Small Business Committee introduced legislation on Thursday to extend the Paycheck Protection Program (PPP) through the end of May, providing further relief for small businesses. Led by Small Business Committee chair Nydia Velázquez, ranking member <keyword id="10911779" type="UNKNOWN" weightage="60" keywordseo="blaine-luetkemeyer">Blaine Luetkemeyer</keyword>, Rep. Young Kim of California, and Rep. Carolyn Bourdeaux of Georgia, the bipartisan Paycheck Protection Program Extension Act would extend the PPP by two months and allow an additional 30 days for the <keyword id="174189" type="ORGANIZATION" weightage="60" keywordseo="Small-Business-Administration">Small Business Administration</keyword> to process loans submitted prior to the new deadline on May 31."The demand for PPP loans right now is a testament to the program's effectiveness and the lingering impacts of this pandemic," Velázquez said in a <a href="https://republicans-smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=403484">statement</a>. "That's why we cannot cut off aid now and this short-term extension is so important."A senior Democratic aide <a href="https://www.politico.com/news/2021/03/11/congress-small-business-loan-program-extension-475294">told</a> Politico that the House will vote on the measure next week, prior to members leaving Washington in mid-April.This news would be a welcome change for small businesses who are continuing to experience financial hardships brought on by COVID-19. On February 22, President Joe Biden <a href="https://www.businessinsider.com/5-ways-joe-biden-tweaked-ppp-small-business-aid-2021-2">amended</a> the PPP to target the smallest businesses and ensure that the aid was being distributed equitably, and in the $1.9 trillion stimulus bill the president <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">signed</a> on Thursday, <a href="https://www.businessinsider.com/democrats-propose-50-billion-small-business-aid-stimulus-package-2021-2">$50 billion</a> is set aside for small businesses, including $7.25 billion specifically for the PPP.The Federal Reserve Board also announced on Monday the <a href="https://www.businessinsider.com/paycheck-protection-program-liquidity-facility-small-business-extended-3-months-2021-3">extension</a> of the PPP's liquidity facility through June 30, allowing banks to continue pledging loans made through the program to small businesses. "Getting our <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> back means bringing our small businesses back," Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2021/02/22/remarks-by-president-biden-on-helping-small-businesses/">said</a> at a press conference on February 22. "And that's what we're going to do."

Paycheck Protection Program may be extended through May 31 to provide aid to small businesses

<ul class="summary-list"><li>The House voted to extend the Paycheck Protection Program through May 31.</li><li>The bill also allows the <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">Small Business</keyword> Administration to process loan applications through June 30.</li><li>The 415-3 bipartisan vote may ensure <keyword id="390673" type="PERSON" weightage="60" keywordseo="small-businesses">small businesses</keyword> won't experience a lapse in needed aid.</li></ul>To continue providing aid to small businesses recovering from the pandemic, the House voted on Tuesday to extend the Paycheck Protection Program (PPP) by two months, ahead of its expiration on March 31. The bill to extend the PPP had been <a href="https://www.businessinsider.com/small-business-aid-paycheck-protection-program-may-be-extended-2021-3">introduced</a> on March 11 by Small Business Committee Chair Nydia Velàzquez, Ranking Member Blaine Luetkemeyer, Rep. Carolyn Bourdeaux of Georgia, and Rep. Young Kim of California. Less than a week later, the House overwhelmingly voted by 415-3 to extend the program through May 31 to avoid a lapse of aid. The program has provided small businesses with $700 billion of emergency loans to date, according to a <a href="https://smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=3609">press release</a>."Based on recent economic data and the demand for PPP loans, it's clear that small businesses still need support. We are making progress in our public health fight against this virus, but this pandemic continues to impact communities across the country, and we can't let up on our efforts," Velázquez said in a statement. "By providing small businesses with two more months to apply and giving the SBA [Small Business Administration] an additional month to process applications, we will help ensure critical support isn't cut off."Under the bill, the SBA has until June 30 - a month after the PPP ends - to continue processing loan applications, giving small businesses the chance to continue receiving aid after the Program expires. Since it was first established under the CARES Act in March, the PPP has encountered a host of issues with loan distribution. For example, although loans within the program are intended for businesses with 500 or fewer employees, the fast-food chain <a href="https://www.businessinsider.com/shake-shack-returns-govt-coronavirus-loan-criticism-small-businesses-2020-4">Shake Shack received a $10 million loan</a>, which it later returned.And recently, the Office of the Inspector General found that the PPP distributed more than one loan to over <a href="https://www.businessinsider.com/small-business-duplicate-loans-paycheck-protection-program-ppp-inspector-general-2021-3">4,000 borrowers</a> due to flaws in the SBA's controls. However, despite the flaws, small businesses have not yet recovered from financial hits the pandemic brought on, emphasizing the need for a PPP extension. In President Joe <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s <keyword id="10601442" type="UNKNOWN" weightage="60" keywordseo="american-rescue-plan">American Rescue Plan</keyword> he <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">signed</a> on March 11, <a href="https://www.businessinsider.com/democrats-propose-50-billion-small-business-aid-stimulus-package-2021-2">$50 billion</a> was set aside for small businesses, including $7.25 billion specifically for the PPP. The bill now heads to the Senate, where it may be passed before members leave Washington in mid-April."As America begins to open up for business and vaccines become more widely distributed across the country, we must provide targeted relief for small businesses that need it most," Luetkemeyer said in a statement. "This bipartisan legislation provides a commonsense extension to the Paycheck Protection Program and the tools for Main Street USA to contribute to their local economies once again."

House passes bill to extend PPP small business aid for 2 months

<ul class="summary-list"><li><keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> gave $4.8 million to Rep. Kevin McCarthy in 2019 and 2020, per an AFR report.</li><li>McCarthy was one of 147 lawmakers who voted against certifying <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> as president.</li><li>These lawmakers in total received $43.5 million from the financial-services industry in that cycle, AFR says.</li></ul>Wall Street gave $43.5 million during the 2019-2020 election cycle to the 147 Republican lawmakers who later voted against Joe Biden's certification as president, according to a <a href="https://ourfinancialsecurity.org/wp-content/uploads/2021/04/FINAL-4.15-Special-Section-147-members-Wall-Street-Money-in-Politics-2021.pdf">new report</a> by Americans for Financial Reform (AFR).Financial-services firms and trade associations, as well as their employees, donated $4.9 million to the eight senators who moved against the election results in January. They donated $38.5 million to the 139 representatives who formally objected to Biden's certification, the AFR found.Of those who voted to overturn then-president <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword>'s election loss, House Minority Leader Kevin McCarthy received the most from Wall Street in the 2019-20 cycle at $4.8 million, per the report.He was followed by House Minority Whip Steve Scalise at $3.7 million, and Missouri Rep. Blaine Luetkemeyer at $1.8 million.In comparison, Texas Sen. Ted Cruz got $670,470, and Missouri Sen. Josh Hawley received $275,400.AFR based its analysis on contributions reported by both financial-services companies and trade associations and individual employees between January 1, 2019 and December 31, 2020.Read more: <a href="https://www.businessinsider.com/how-south-florida-became-the-conservative-shadow-capital-2021-4?inline-read-more">The Great GOP Migration: How South Florida became a shadow capital for Trump conservatives</a>Its report also noted that the <a href="https://www.businessinsider.com/american-bankers-association-political-donations-republicans-oppose-results-capitol-riot-2021-1">American Bankers Association</a> appeared at or near the top of the lists of top givers of 13 members of the House and one senator. In total, the trade group donated <a href="https://www.businessinsider.com/american-bankers-association-political-donations-republicans-oppose-results-capitol-riot-2021-1">$1.3 million</a> to the group of lawmakers - making it their second-biggest PAC donor.After a mob of Trump supporters stormed the US Capitol on January 6 to try and prevent Congress from certifying Biden's win, many top US companies <a href="https://www.businessinsider.com/capitol-siege-trump-company-responses-riots-political-donations-2021-1">scrambled to cut ties</a> with the lawmakers who voted against the results.Dozen of companies, including <a href="https://www.businessinsider.com/capitol-siege-trump-company-responses-riots-political-donations-2021-1">Walmart, Amazon, Morgan Stanley, and AT&amp;T</a>, said they would stop giving donations to these specific lawmakers, and <a href="https://www.businessinsider.com/hallmark-political-donations-josh-hawley-roger-marshall-republicans-2021-1">Hallmark</a> even asked <a href="https://www.businessinsider.com/hallmark-political-donations-josh-hawley-roger-marshall-republicans-2021-1">Hawley and Kansas Sen. Roger Marshall</a> to return its donations.<div type="image" title="Hawley Marshall" height="2250" width="3000" msid="82104390" hostid="261"></div>Other companies said they would <a href="https://www.businessinsider.com/jpmorgan-citi-microsoft-facebook-pause-political-donations-capitol-siege-2021-1">pause all political donations</a>, to both Republicans and Democrats. This was the option favored by most financial-services companies, including <a href="https://www.businessinsider.com/jpmorgan-citi-microsoft-facebook-pause-political-donations-capitol-siege-2021-1">JPMorgan Chase, Deloitte, Wells Fargo, and Goldman Sachs</a>.The companies that halted political donations are unlikely to lift this ban any time soon, <keyword id="229336" type="PERSON" weightage="60" keywordseo="Jeffrey-Sonnenfeld">Jeffrey Sonnenfeld</keyword>, who convenes meetings with top US business leaders as founder of Yale's Chief Executive Leadership Institute, <a href="https://www.axios.com/jeffrey-sonnenfeld-corporate-bans-political-donations-9cbe9d6c-0f07-48c0-8bf3-67cb17a7bdb9.html">told Axios in March.</a>Though this isn't a particularly pressing time in the election cycle, he said this pause could still affect congressional leaders in the House, some of whom are already fundraising for the 2022 elections.Some companies have faced political "blowback" over their stance, "but CEOs are used to it, they don't care," Sonnenfeld said."Cutting funding hits these politicians where it hurts," and is "probably the more profound of the actions that can be taken" by companies against these lawmakers, Donald Hambrick, a professor of management at Smeal College of Business, <a href="https://www.businessinsider.com/republican-lawmakers-rethink-trump-impeachment-election-biden-corporate-funding-2021-1">previously told Insider</a>.AFR's report also suggested that <a href="https://www.businessinsider.com/wall-street-political-contributions-lobbying-election-trump-biden-president-2021-4">Wall Street spent a record $2.9 billion on political contributions and lobbying</a> across 2019 and 2020. It said that Bloomberg LP spent the most cash, while Georgia Sen. Jon Ossoff received more money than any other current member of Congress.

Wall Street gave $43.5 million to GOP lawmakers who voted to overturn the presidential election

Jacquelyn Martin/AP PhotoJeb HensarlingHealthcare reform is not the only major legislative accomplishment under President Barack Obama that Donald Trump promised to immediately undo.Trump also <a href="http://www.businessinsider.com/trump-executive-order-repeal-dodd-frank-fiduciary-rule-2017-2">vowed to undo the post-crisis financial reforms</a>, known as Dodd-Frank, aimed at preventing a repeat of the 2008 financial meltdown. A hearing on May 2 to address the Republican proposal, known as the Financial Choice Act, to repeal the 2010 reform law, quickly descended into an aggressive argument between members of the House Financial Services Committee, who are supposed to address the chairman of the committee, Jeb Hensarling, rather than one another. In a break with tradition, Democrats requested time for opening statements. Democrat Maxine Waters opened:"This is one of the worst bills I've seen in my time in Congress," she said. "The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street. It's an invitation to another Great Recession or worse."Carolyn Maloney of New York was equally forceful."Unfortunately this immoral Wrong Choice Act can only be described as deeply disturbing," Maloney said. "It would take us back to the regulatory stone-age and would be a disaster for the entire financial system. It is essentially a 591-page middle finger to consumers, investors, regulators and markets."They were rebutting an opening statement by Hensarling that couldn't have been more diametrically opposed. "Under Dodd-Frank, consumers are paying more and getting less," Hensarling argued. "Wall Street banks have been some of the biggest beneficiaries of Dodd-Frank regulation."The bill, Maloney said, would gut the Consumer Financial Protection Bureau, which has served as a resource for consumers who feel duped by large financial institutions.Republican Blaine Luetkemeyer of Missouri shot back."This is unbelievable - immoral bill? Come on now, what's immoral is what's going on with the Dodd-Frank bill." He was then interrupted by his Democratic colleagues who pointed out he was breaking the rules by not addressing the chairman.His colleague from Michigan, Republican Dave Trott, chimed in as well, and was also admonished by chairman Hensarling for breaking protocol: "For the American people watching out there, welcome to the circus, because you're going to see hyperbole and rhetoric ramped up to Barnum &amp; Bailey-type levels.""I apologize to you that you're going to have to sit through this garbage that this bill is immoral and this is a middle finger to America," he said. "You know what is offensive to me, it's that those who were here and passed the Dodd-Frank Act had an agenda."The acrimony offered a taste of just how <a href="http://www.businessinsider.sg/difficulties-facing-trump-in-wall-street-deregulation-2017-2/">difficult it will be for Trump to actually reverse Dodd-Frank</a> in any material way. More likely, <a href="http://www.businessinsider.com/trump-picks-randal-quarles-2017-4">he could make appointments to top regulatory positions </a>who might favor a more hands off approach, effectively ensuring the toughest rules on banks are toothless. <h3>NOW WATCH: <a href="http://www.businessinsider.com/science-male-attractiveness-sex-2017-4">Women are more attracted to men with these physical traits</a></h3> Please enable Javascript to watch this video

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