Young Oak Kim: “I thank Ranking Member Luetkemeyer for yielding. I thank Representative Luetkemeyer and Chairwoman Velazquez for their…”

“I thank Ranking Member Luetkemeyer for yielding. I thank Representative Luetkemeyer and Chairwoman Velazquez for their leadership on the Small Business Committee. I look forward to working with all of them to strengthen small businesses across the country. I rise today in strong support of H.R. 1799, the Paycheck Protection Program Extension Act of 2021. I was proud to introduce this bipartisan bill with Representative Carolyn Bourdeaux, Ranking Member Luetkemeyer, and Chairwoman Velazquez to extend the PPP deadline for new applications from March 31 to May 31, and to provide the Small Business Administration an additional 30 days to process PPP applications. Much of the importance of why this bipartisan legislation is needed was already spoken about, but I think it is important, so I am going to say a few words about the State of California that I represent. Forty thousand small businesses have closed in California during the COVID-19 pandemic, and half of those closures are permanent. The Paycheck Protection Program has been a lifeline for small businesses to keep their doors open as we safely reopen our communities. As the Biden administration announced five changes to PPP on February 22, the looming March 31 deadline does not give our small businesses the time to adjust to the new guidance listed by the SBA. This bill provides small businesses and lenders with the time needed to process PPP loans and adjust to the recent changes.…”