April 13, 2020 In the News

4,400 NH small businesses approved for $1B in forgivable loans under Paycheck Protection Program

By John DiStaso
April 13, 2020

MANCHESTER, N.H. — Sen. Jeanne Shaheen said Monday that 4,400 New Hampshire small businesses have been approved for forgivable loans under the $2 trillion CARES Act coronavirus stimulus bill passed into law last month.

Shaheen said that as of Friday, the loans to New Hampshire businesses through the Paycheck Protection Program total $1.06 billion.

According to the U.S. Treasury Department, the Paycheck Protection Program authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.

Treasury says the loan amounts will be forgiven as long as the loan proceeds are to be used to cover payroll costs and most mortgage interest, rent, and utility costs over and eight-week period after the loan is made; and as long as “employee and compensation levels are maintained.”

Shaheen was among four senators who led negotiations on the small business portion of the CARES Act. The final bill that was signed into law by President Donald Trump provided $377 billion for small businesses.

“Many small businesses in New Hampshire might not last the week, much less the month, which is why getting resources Congress has provided to these businesses now is so critical,” said Shaheen. “Thousands of New Hampshire small businesses have been approved for assistance.

Shaheen called for a quick fix to administrative problems that she said have delayed delivery of the funds.

“Unfortunately, there have been unforced errors by the administration in implementing these loans and they need to be fixed immediately,” she said. “I am working to make sure these programs deliver as intended. At every level of government, we need to be doing everything possible to make sure our small businesses, and the jobs they provide, survive this crisis.”

Last week, Shaheen was joined by Sen. Maggie Hassan and Reps. Annie Kuster and Chris Pappas in sending a letter to federal officials expressing concerns of the state small business community about delays in the implementation of the program.