AAFA Applauds Bipartisan Support for PPP Extension Act of 2021

 

American Apparel & Footwear Association President and CEO Steve Lamar welcomed today's passage of the PPP Extension Act of 2021, which will extend the Small Business Administration’s Paycheck Protection Program (PPP) application period beyond the March 31, 2021 sunset date.
 
"Liquidity pressures and other economic impacts of the COVID-19 pandemic continue to challenge the retail sector, especially among the industry’s small businesses, as we fight to remain open and keep our workers on payroll,” said Lamar. "The stimulus measures passed to date - including employee retention tax credit (ERTC) - have been a huge relief; however this added window of time for PPP is crucial."
 
“Giving small business more time to file PPP applications is essential for our industry, and our workers, to make it through to the other side of the pandemic. This is an important signal from the federal government that they will continue to support American businesses and American workers until the economy can sustain itself. We urge President Biden to sign this important measure into law as soon as possible.” he said.
 
Earlier this month, AAFA called on Congressional leadership to lead swift bipartisan action on PPP extension to provide relief to America’s small businesses that led to today’s passage of the PPP Extension Act. Beyond stimulus, AAFA continues to remind Congress that the industry needs legislation to build a backstop for trade credit insurance and create limited liability protections, both of which are needed to sustain the industry's recovery.