WASHINGTON – U.S. Senator Maggie Hassan released the following statement after President Trump signed into law legislation to give small employers in New Hampshire and across the country more flexibility in using the federal funds provided to them through the Paycheck Protection Program.
“I’ve heard from countless small business and nonprofit leaders who are working as hard as they can to stay afloat and keep their workers employed amid the COVID-19 pandemic,” Senator Hassan said. “The Paycheck Protection Program that Congress passed into law earlier this year has already helped tens of thousands of New Hampshire small businesses and nonprofits, and this new law adds critical flexibility to the program so that they can access it in the most beneficial way. As Granite State businesses and nonprofits continue to try to recover financially, I will keep working across the aisle to support them and our local economy.”
The bipartisan bill that the President signed into law today provides Paycheck Protection Program loan forgiveness flexibility by extending the number of weeks over which employers can spend Paycheck Protection Program funds and by increasing how much of the loan an employer can use for non-payroll expenses, such as rent or utilities.
Senator Hassan is working to support small businesses during the unprecedented COVID-19 pandemic, and in April voted in favor of bipartisan legislation to significantly bolster funding for programs that support small businesses, including the Paycheck Protection Program. Last month, following conversations with businesses and nonprofits in New Hampshire, Senator Hassan also urged the Trump administration to quickly provide guidance to New Hampshire’s small businesses and nonprofits regarding forgiveness of Paycheck Protection Program loans.