Biden signs extension of Paycheck Protection Program for small businesses by 2 months

President Biden pledges to expand ‘Obamacare’

President Joe Biden pledged that his $1.9 trillion rescue package would build on the promise of the Affordable Care Act, the hallmark legislation of Barack Obama's presidency that became law 11 years ago.

WASHINGTON - President Joe Biden on Tuesday signed a two-month extension of the Paycheck Protection Program a day before the COVID-19 small business relief fund was set to expire.

The extension will give small business until May 31 to apply for a forgivable loan.

Senators voted 92 to seven to pass the PPP Extension Act of 2021 last week, extending the program's deadline from March 31 and giving the Small Business Administration an additional 30 days after that to process pending applications. The House of Representatives also passed the measure on a bipartisan basis.

Democratic Sen. Jacky Rosen of Nevada, a co-sponsor of the legislation, tweeted her support for Biden’s signature on the measure.

"PPP funding continues to be critical for American small businesses to keep their doors open & workers on payroll," Rosen wrote.

This story was reported from Los Angeles. FOX Business contributed.