Letter to the Hon. Nancy Pelosi, Speaker of the House of Representatives, and the Hon. Mitch McConnell, Senate Majority Leader - Kuster, Pappas Urge Pelosi, McConnell to Increase Funding for Small Business Assistance

Letter

Dear Speaker Pelosi and Leader McConnell:

As you consider legislative action to respond to the ongoing COVID-19 crisis, we urge you to provide additional funding for the Paycheck Protection Program (PPP) within the Small Business Administration (SBA) to protect small businesses in New Hampshire and across the country.

Since Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, our offices have received overwhelming interest in the PPP from small businesses, independent contractors, and non-profit organizations. This reflects both the promising nature of this program and the need to provide additional financing and liquidity to small businesses over the coming months.

We were troubled to see that SBA's Interim Final Rule on the program included a note that loans would be offered on a first-come, first-serve basis. While this is the most effective way to get loans out the door, it implies that should eligible entities apply for this program in the coming weeks or months, they may be unable to receive funds due to oversubscription. We do not know how long our society must endure the necessary, but economically challenging measures put in place to "flatten the curve" and stop the spread of COVID-19. Congress should therefore act with foresight and ensure that businesses are not inadvertently locked out of this program due to lack of funding.

We also encourage you to consider extending the time SBA is authorized to guarantee loans from June 30, 2020 to July 31st, 2020. Regions of our country are experiencing this crisis at varying speeds, and businesses throughout New Hampshire have been impacted in different ways. By extending the working timeline for this program, Congress can offer a potential lifeline to eligible entities in regions that are not currently experiencing as severe impacts because of COVID-19, as well as seasonal businesses that do not fully understand the impact COVID-19 may have on their operations.

Thank you for your attention to this request.

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