Shaheen Statement Ahead of Monday Paycheck Protection Program Re-Opening
Shaheen led negotiations on the small business assistance provisions in the COVID-19 relief legislation signed into law last month, building on the successful small business programs she helped create in the CARES Act.
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a senior member of the Senate Small Business and Entrepreneurship Committee, issued the following statement highlighting the Small Business Administration’s (SBA) recent announcement that the Paycheck Protection Program (PPP) will re-open tomorrow, Monday, January 11th for new borrowers and certain existing PPP borrowers.
According to the SBA, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11th, and Second Draw PPP Loans on Wednesday, January 13th. The PPP will open to all participating lenders shortly thereafter. More information is available here.
“This aid can’t reach our small businesses fast enough,” said Shaheen. “The COVID-19 pandemic has been brutal on our small businesses who need urgent assistance to keep their doors open and staff on payroll. The Paycheck Protection Program has been a lifeline for New Hampshire small businesses during the pandemic, but as the crisis worsened, it became clear that another round was urgently needed to help them stay afloat. Addressing the needs of our small businesses was a bipartisan priority in Congress and I appreciate the partnership of my Democratic and Republican colleagues who worked with me to get this done. I’m encouraged to see this new round of PPP loans roll out, but Congress’ work to help struggling small businesses is not over. There is a bipartisan commitment to return to the negotiating table and deliver the long-term relief Americans need to recover and I intend to hold lawmakers to that promise.”
Senator Shaheen once again led bipartisan negotiations on the small business provisions in the new COVID-19 relief signed into law in December. The legislation, which includes provisions from Shaheen’s HEROES Small Business Lifeline Act, provides $284 billion to extend the Paycheck Protection Program and allow many small businesses and nonprofits access to the second round of PPP loans announced today. The legislation also expands PPP eligibility for 501(c)(6) nonprofits, including tourism organizations and local chambers of commerce, and makes critical policy changes to the program to better serve the restaurant and hospitality industries, which have been among those hardest-hit by the pandemic. To date, nearly 25,000 New Hampshire small businesses and non-profits have received over $2.5 billion in PPP assistance.
Additionally, the relief bill includes $20 billion for the Economic Injury Disaster Loan (EIDL) emergency grant program and $3.5 billion to extend the Debt Relief Program established under the CARES Act, which covers payment of principal, interest and fees on all pre-existing and new Small Business Administration (SBA)-backed loans.
Shaheen also worked to establish new SBA grants for shuttered live venues, independent movie theaters and other cultural institutions. As a cosponsor of the Save our Stages Act and the Entertainments New Credit Opportunity for Relief and Economic Sustainability (ENCORES) Act, Shaheen has prioritized efforts to help this important sector of the state’s economy survive the economic fallout of the pandemic.
