Pappas Visits Exeter Small Business, Discusses COVID-19 Help for Small Businesses

Today, Representative Chris Pappas (NH-01) visited C3I, Inc., a veteran-owned small business in Exeter that received a Paycheck Protection Program (PPP) loan. C3I was one of 14,544 New Hampshire businesses across the first district that received PPP loans, saving 123,130 jobs. Thanks to the help they received, C3I was able to keep staff on payroll and continue working on components for 75 new and retrofitted Navy ships. Pappas spoke with owner Mike Curry about steps to improve these programs, and what Congress can continue to do to help small businesses moving forward. Pappas and Curry were also joined by State Senator Jon Morgan and Exeter Economic Development Director Darren Windham.

"The Paycheck Protection Program has served as a lifeline for tens of thousands of Granite State small businesses like C3I," said Congressman Chris Pappas. "I know what it takes to run a small business, and I know that continuing to provide robust support to New Hampshire's Main Street economy is critical as our state gradually reopens. We must ensure that the next relief package passed by Congress includes substantial targeted relief for resilient small businesses like C31 across New Hampshire."

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.

In March, Pappas introduced the Too Small to Fail Act to authorize $350 billion in small business lending authority, zero-interest loans, direct business grants, and cash advances to support New Hampshire's Main Street economy right away. Among its provisions, the bill 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. The legislation will also allow for up to $15,000 in grants for small businesses, distributed within three days after a business or nonprofit applies for an EIDL, so that they can receive immediate relief; and empowers the Small Business Administration (SBA) to defer payments on existing federal loans.