Pappas led the House effort calling for the extension of PPP through the end of May
Following the news this week that the Paycheck Protection Program (PPP) has run out of money and is closed to most new applicants, Congressman Chris Pappas (NH-01), a small business owner and Co-Chair of the bipartisan Small Business Caucus, is reiterating his call to Speaker Nancy Pelosi and Republican Leader Kevin McCarthy to work with the Small Business Administration (SBA) to ensure this vital small business lifeline has sufficient funds to continue providing loans to all eligible entities that apply through the May 31, 2021 deadline.
In March, President Biden signed into law legislation Pappas co-sponsored and worked to pass that extended the deadline for application to PPP until May 31, 2021.
Two weeks ago, Pappas led a letter to bipartisan leadership in the House urging them to take action before the PPP's scheduled end. But on Tuesday of this week, the SBA stopped accepting most new applications - four weeks ahead of the deadline.
"There could not be a worse time to slam the door on small businesses in New Hampshire and throughout the country as they seek help to pay their employees and keep their lights on," said Congressman Pappas. "It should not have gotten to this point, and that's why I called for action on this two weeks ago. It is critical that Congress work with the SBA to understand the scale of this funding gap and swiftly appropriate additional funds for the PPP so all entities who are eligible can receive a loan through May 31. By doing so, we can honor our commitments to small businesses and provide employers with the peace of mind that they will be able to access the federal support they need to overcome these challenging times."
Congressman Pappas has been relentless in his efforts to improve the program for small businesses in New Hampshire, including introducing legislation and leading calls for 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.
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.
Original source can be found here.
