Congressman Chris Pappas (courtesy photo)
Washington, D.C.- On Thursday, Congressman Chris Pappas (NH-01) applauded passage of interim emergency coronavirus relief legislation, while encouraging members of both parties to continue working together on the next comprehensive coronavirus response package.
This interim emergency package contains key provisions Pappas has fought for, including $310 billion in additional funding for the Paycheck Protection Program and an additional $60 billion for SBA disaster loans and grants. H.R. 266 also includes $25 billion to implement a national testing strategy to address one of the most significant barriers to re-opening our economy.
“Today I voted for bipartisan stopgap legislation that will provide immediate relief to our small businesses, strengthen our hospitals, and invest in an urgently-needed national testing strategy,” said Congressman Pappas. “While this is a crucial step, our work is far from over. From shuttered storefronts to record numbers of unemployment claims, New Hampshire families and businesses will need our full support to get through this crisis. I will continue fighting for New Hampshire’s priorities as Congress continues work on a comprehensive, bipartisan package to sustain our struggling Main Street economy, assist state and local governments, and support Granite State health care workers on the frontlines of this crisis.”
Provisions in this bill include:
- $310 billion in additional funding for the Paycheck Protection Program, including:
- $30 billion for loans made by mid-sized banks and credit unions
- $30 billion for loans made by community based lenders and smaller banks and credit unions
- $60 billion in additional funding for Economic Injury Disaster Loans, including:
- $10 billion for Emergency EIDL grants
- $75 billion for hospitals and health care workers on the frontline
- $25 billion for testing
Pappas has repeatedly called on House leadership from both parties to come together and immediately pass stopgap legislation to get additional help to Main Street small businesses and workers in New Hampshire. He introduced the Too Small To Fail Act to make available zero-interest Economic Injury Disaster Loans (EIDL) to small businesses and nonprofits affected by the coronavirus outbreak to help keep their doors open and meet their ongoing obligations. It also would allow for up to $15,000 in grants for small businesses, distributed within three days after a business or nonprofit applies for an EIDL, so that they can receive immediate relief. In addition, the bill would empower the Small Business Administration (SBA) to defer payments on existing federal loans.
The bill will now move to the President’s desk to be signed into law.