Rep. Pappas Statement On Bipartisan Small Business, Hospital, and Testing Stopgap Deal

April 21, 2020

Congressman Chris Pappas (NH-01) released the following statement after the announcement and Senate passage of a bipartisan stopgap deal to support small businesses and hospitals, while ramping up testing for COVID-19:

"While Congress works to draft a comprehensive follow-up COVID-19 response package to the CARES Act, it is absolutely crucial that we pass stopgap measures immediately to help our small businesses survive, strengthen our hospitals, and expand testing," said Congressman Pappas. "As a small business owner, I understand that our small businesses simply cannot wait any longer for additional relief and I'm pleased a bipartisan agreement has been reached and approved by the Senate, which I repeatedly urged House leadership from both parties to do. But make no mistake: while this relief is critical, more must be done to further bolster our economy and support Granite Staters so we can get through this crisis and get America back on its feet and back to work."

Provision in this bill include:

$310 billion in additional funding for the Paycheck Protection Program, including:
- $30 billion for loans made by mid-sized banks and credit unions
- $30 billion for loans made by community based lenders and smaller banks and credit unions
$10 billion in additional funding for Emergency EIDL grants
$75 billion for hospitals and health care workers on the frontline
$25 billion for testing

Pappas has repeatedly called on House leadership from both parties to come together and immediately pass stopgap legislation to get additional help to Main Street small businesses and workers in New Hampshire. He introduced the Too Small To Fail act to 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. It also would 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. In addition, the bill would empower the Small Business Administration (SBA) to defer payments on existing federal loans.