WASHINGTON – The extension of the Paycheck Protection Program is vital to the survival of small businesses, National Retail Federation president and CEO Matthew Shay said Thursday. His remarks followed the Senate’s approval of an extension to the program.

“Throughout the past year, countless small businesses have been devastated by the pandemic,” Shay said. “The Paycheck Protection Program has served as a lifeline for many retailers and other businesses across the country, ensuring they can continue to pay their employees and keep their doors open. As our economy begins to recover, extending the Paycheck Protection Program will give additional small businesses access to critical liquidity.

“While the recently enacted $1.9 trillion relief bill contains billions of dollars in spending for a variety of programs, very little of that spending is actually devoted to supporting the small businesses and other employers that are the backbone of job creation and economic activity in communities across the country. Extension of the Paycheck Protection Program is vital to ensure that small businesses can continue to drive economic activity and job creation as we recover from this pandemic.”

NRF and nearly 100 other business groups voiced their support of the PPP Extension Act of 2021, urging Congress to extend the PPP to help businesses keep their workforces employed during the pandemic. Recent changes to the program and processing delays have necessitated the extension.