Hearing, Roundtable, Press Conference
Ben Cardin, Steve Daines, Maggie Hassan, US Senators
- The Paycheck Protection Program (PPP) passed the U.S. Senate with a 98–0 vote, a result Senators attribute to effective small business lobbying that highlighted the program as a necessary lifeline during the COVID-19 pandemic.
- Senator Cardin identified the bipartisan passage of the PPP as a successful model for overcoming divergent interests by focusing on shared goals: saving businesses and preserving jobs to reduce long-term taxpayer costs for unemployment insurance.
- Senator Hassan traced her advocacy roots to her son's severe disabilities, emphasizing that effective advocacy requires telling personal stories to illustrate policy impacts, conducting groundwork with diverse stakeholders, and remaining open to learning as circumstances evolve.
- Senator Daines described the legislative and administrative rollout of the PPP as akin to software development, requiring rapid "patches" and administrative adjustments based on real-time feedback from small business owners via virtual channels.
- Senator Daines credited direct communication with Secretary Mnuchin for facilitating specific administrative changes that immediately impacted PPP eligibility criteria for businesses in Montana.
- The Senate Small Business Committee, including Senators Cardin, Rubio, Collins, Shaheen, and Hassan, utilized a collaborative approach to address specific friction points, such as varying business sizes and nonprofit eligibility, to secure a unified outcome.
- Small businesses in New Hampshire represent 99% of total businesses and employ approximately 50% of the state's workforce, acting as economic catalysts that often diversify into critical sectors like personal protective equipment (PPE) manufacturing during crises.
- The original 8-week loan forgiveness window for the PPP was extended to 24 weeks, and the spending cap for non-payroll expenses was lowered from 75% to 60% following feedback that the initial terms did not align with the slower pace of economic recovery.
- Senator Hassan advises that crisis leadership requires transparency regarding challenges, creative problem-solving with employees and customers, and clear communication to maintain community support during difficult decisions like layoffs.
- Senators discussed the potential for a second round of PPP funding, noting that current data on customer volume, revenue declines, and compliance costs suggests businesses face ongoing hurdles that may require further legislative flexibility.
- Senator Daines emphasized the dynamic nature of the crisis, noting that the situation is expected to shift significantly within four to eight weeks, necessitating continuous connection between policymakers and the small business community.