Pappas Supports Passage of Small Business Assistance

Washington, D.C.- Today, Congressman Chris Pappas (NH-01) supported the passage of a package of bipartisan legislation to strengthen small business loan programs as our communities continue to cope with the economic impacts of COVID-19.

H.R. 8211, the 504 Modernization and Small Manufacturer Enhancement Act of 2020, which Congressman Pappas co-sponsored, will increase the maximum loan terms for manufacturing loans, streamlines, and reduces bureaucratic red tape for small businesses, and provides additional support to small manufacturers through the COVID-19 pandemic.

Today the House also passed H.R. 7903, reauthorizing the Community Advantage Loan Program to help ensure that small business in underserved markets, including startups, and women, minority, and veteran owned businesses, have access to the capital they need to succeed.

"New Hampshire's small businesses are the backbone of our economy, and we must continue to support them as they face the prolonged impacts of the COVID-19 pandemic," said Congressman Pappas. "That is why I have continued to introduce and support legislation that will provide our businesses with the capital they need to stay afloat. In particular, we mustmake smart investments in American manufacturing so this crucial sector can meet our nation's needs during and beyond the COVID-19 pandemic. I am committed to taking every step necessary to support our economy and our workers while I also continue to call on my colleagues in the Senate to join us in passing another comprehensive relief package."

Since the onset of this pandemic, Pappas has been working to ensure New Hampshire small businesses are able to weather this storm. In March, Pappas introduced the Too Small To Fail Act, which takes concrete steps to support small businesses and workers who have been hit hard by this virus. Among its provisions, Too Small To Fail would make available zero-interest Economic Injury Disaster Loans (EIDL) to small businesses and nonprofits affected by the coronavirus outbreak to help keep their doors open and meet their ongoing obligations.

Pappas has also fought to grow made-in-America manufacturing at home. He supported the bipartisan USMCA trade deal and met with business leaders shortly after the deal went into effect to hear how it would impact their businesses.

In February, he joined the NH delegation to announce over $51 million in federal funds awarded to Advanced Regenerative Manufacturing Institute (ARMI) in Manchester to develop a portable technology that would chemically engineer and produce medications and vaccines. In June, they announced that ARMI would also receive $399,138 in federal funding through the bipartisan CARES Act for the creation and development of a roadmap to bolster America's domestic supply chain for vaccines and personal protective equipment.

Congressman Pappas supported the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, which established the Paycheck Protection Program. Since then, he has been relentless in his efforts to improve the program for small businesses in New Hampshire, including introducing legislation and leading calls on the Administration and Congressional Leadership to take action to support small businesses.

Pappas introduced bipartisan legislation to improve coordination between the Paycheck Protection Program and the Employee Retention Tax Credit to better support struggling businesses. He also called on the Treasury Department to ensure that the PPP was better tailored to meet the needs of Granite State businesses.

As the deadline for PPP applications was expiring, leaving billions of dollars still unclaimed, Pappas called on House leadership to bring up a vote on the application extension before the House adjourned for the 4th of July - the House did take up the bill, which was signed into law by President Trump.

Pappas also called on House leadership to improve the loan conditions of the PPP and other details of the program based on hundreds of conversations he had with Granite State small businesses. These improvements were included in the Paycheck Protection Program Flexibility Act, which Pappas advocated for and helped to pass.

Pappas has repeatedly called for greater transparency and accountability of the PPP and was part of the Congressional call which resulted in the Treasury Department reversing course and making partial PPP data publicly available.