Senator Hassan Statement on Senate Passage of Bipartisan Bill to Strengthen Loan Program for Small Businesses and Nonprofits
WASHINGTON – U.S. Senator Maggie Hassan released the following statement after the Senate passed bipartisan 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.
“Tens of thousands of small businesses and nonprofits across New Hampshire have received vital Paycheck Protection assistance,” Senator Hassan said. “I am glad that Congress could come together on a bipartisan basis to provide more flexibility to Granite State businesses and nonprofits who are doing everything they can to get by right now. I urge the President to sign this bipartisan legislation into law without delay, and I will continue working on additional measures to help meet the needs of our local economy during this unprecedented time.”
Right now, loans provided to employers under the Paycheck Protection Program can only be fully forgiven if loan funds are used by June 30, and if 75 percent of a loan is spent on payroll expenses. This bipartisan legislation passed by Congress would provide 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.
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