Shaheen Statement on Bipartisan Fix to Paycheck Protection Program Becoming Law
Press Release
U.S. Senator Jeanne Shaheen (D-NH) -- a senior member of the Senate Committee on Small Business and Entrepreneurship -- issued the following statement after the Paycheck Protection Program Flexibility Act, which provides necessary reforms to the Paycheck Protection Program (PPP) to ensure funding assistance reaches small businesses that need it most, was signed into law. On the Senate floor earlier this week, Shaheen called for the passage of the legislation to address the urgent needs of small businesses throughout New Hampshire. Shaheen introduced companion legislation in the Senate last month with Senators Rubio (R-FL), Cardin (D-MD) and Collins (R-ME).
Senator Shaheen helped negotiate the small business relief programs in the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the PPP. She has repeatedly called for congressional oversight, as significant problems with the Trump administration's implementation of the programs has failed to prioritize small mom-and-pop shops and independently owned businesses that the relief programs were intended to help. Last month, Shaheen demanded that the Trump administration come before the Senate Small Business Committee to improve transparency and accountability.
"With this bipartisan bill becoming law, small businesses can breathe a small sigh of relief. The new flexibility in this legislation will give small business owners additional time and guidance on how they can use their federal loans to weather this financial crisis," said Shaheen. "I'm glad Congress got this done, but our work is far from over. Too many small businesses are still hurting, which is why we need full transparency from the administration that these federal assistance programs are delivering relief to those who need it most, as was intended. I've repeatedly called for Treasury Secretary Mnuchin and SBA Administrator Carranza to testify before the Senate Small Business Committee, so I'm pleased they've finally agreed to do so next week. I look forward to raising these issues with them so New Hampshire small businesses' concerns are heard by this administration loud and clear."
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