Kuster Helps to Pass Bipartisan Legislation to Improve Paycheck Protection Program
Washington, DC, May 28, 2020
Today, Representative Annie Kuster (NH-02) voted in favor of the Paycheck Protection Program Flexibility Act, which passed the House with overwhelming bipartisan support. Kuster is a co-sponsor of this legislation which provides flexibility to the Paycheck Protection Program (PPP) to make critical funds more accessible to small businesses that are facing economic challenges due to the COVID-19 pandemic.
Currently, PPP loans are converted to grants as long as the recipient uses the loan within eight weeks of the CARES Act becoming law (by June 30th). In addition, businesses are required to use at least 75 percent of the loan towards maintaining payroll and the rest for other expenses like rent, mortgage interest, and utilities.
“I’ve heard from many small businesses in New Hampshire – particularly restaurants and hospitality establishments – that are unable to access forgivable Paycheck Protection Program loans because of the program’s current restrictions,” said Kuster. “This legislation addresses the urgent needs of Granite State small businesses by making the PPP loan program more flexible and available for vulnerable businesses that face economic challenges due to the health and economic crisis caused by COVID-19. I’m pleased to join my colleagues on both sides of the aisle in support of this commonsense measure, and I urge Senate Leadership to bring it swiftly to a vote.”
The Paycheck Protection Program Flexibility Act does the following:
Kuster has been an outspoken advocate for improving the Paycheck Protection Program. This month, Rep. Kuster joined the rest of the NH delegation in sending a letter to Secretary Steven Mnuchin calling on the Treasury to adjust the PPP so that it can more effectively serve the needs of Granite State small businesses. Kuster also sent a letter to House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell last month urging them to increase funding for the PPP.