Reps. Pappas, Kuster Send Letter to Speaker Pelosi Calling for Increased Funding for Small Business Administration Disaster Loans

Washington, DC – Today, Reps. Annie Kuster (NH-02) and Chris Pappas (NH-01) wrote to Speaker Pelosi urging her to increase funding for the Small Business Administration (SBA)'s Disaster Loan Program to ensure the SBA can provide loans to small businesses and nonprofits nationwide that are struggling as a result of the COVID-19 outbreak. This week, Kuster and Pappas called on SBA to issue an emergency declaration so New Hampshire small businesses are eligible for SBA's emergency resources.

"We have heard from countless entrepreneurs in New Hampshire that they are struggling to keep their doors open because customers are responsibly canceling events and reducing non-essential shopping," wrote Kuster and Pappas. "If businesses close as a result of COVID-19, workers will go without pay, small businesses will lose revenue, and New Hampshire's economy will be temporarily weakened."

"The Disaster Loan Program provides small businesses and nonprofits low-interest loans of up to $2 million in financial assistance if they have suffered economic injury as a result of a declared disaster," the Members continued. "Based on the conversations we have had with business owners in New Hampshire, we expect there to be a surge in applications for this program in the coming weeks. Promptly providing robust funding for this program will ensure the SBA has the resources on hand to offer immediate relief to eligible businesses and nonprofits. These loans will enable businesses to pay their workers, make ends meet during these challenging times, and ensure that America's economy can bounce back in full strength."

LETTER TEXT:

Dear Speaker Pelosi,

As federal, state, and local governments respond to the coronavirus (COVID-19), one of the most important recommendations of health officials is that the public limit unnecessary interactions to mitigate the spread of this disease. Granite Staters and Americans are responsibly heeding this recommendation.

The corresponding reduction in social activity is having a negative impact on businesses in the Granite State. We have heard from countless entrepreneurs in New Hampshire that they are struggling to keep their doors open because customers are responsibly canceling events and reducing non-essential shopping. If businesses close as a result of COVID-19, workers will go without pay, small businesses will lose revenue, and New Hampshire's economy will be temporarily weakened.

We applaud your leadership during the COVID-19 outbreak and believe that Congress must take additional steps to bolster small businesses. To that end, we respectfully urge you to provide robust funding for the Small Business Administration (SBA) Disaster Loan Program in any future legislation that may be considered related to COVID-19. The Disaster Loan Program provides small businesses and nonprofits low-interest loans of up to $2 million in financial assistance if they have suffered economic injury as a result of a declared disaster. Based on the conversations we have had with business owners in New Hampshire, we expect there to be a surge in applications for this program in the coming weeks. Promptly providing robust funding for this program will ensure the SBA has the resources on hand to offer immediate relief to eligible businesses and nonprofits. These loans will enable businesses to pay their workers, make ends meet during these challenging times, and ensure that America's economy can bounce back in full strength.

Thank you for your continued leadership and thoughtful approach to mitigating the spread of COVID-19. We look forward to working in partnership with all our colleagues to protect the well-being of the American people and our nation's small businesses.

Thank you for your consideration of this proposal.