Bill > SB638

This bill establishes a Small Business Tariff Stabilization Fund to support New Hampshire small businesses experiencing economic challenges, particularly those impacted by international trade disruptions and decreased tourism. The fund will be administered by the Department of Business and Economic Affairs and will provide stabilization grants to small businesses (as defined by the U.S. Small Business Administration) primarily located in New Hampshire. The bill appropriates $2,500,000 for fiscal year 2026 to capitalize the fund, which will be used to help businesses address economic hardships such as supply chain disruptions, preserve businesses with low capital reserves, and prevent layoffs caused by increased tariff-related costs. The bill notes that small businesses comprise 99 percent of New Hampshire businesses and that recent data shows significant declines in Canadian tourism (30 percent) and exports to Canada (42.6 percent), justifying the need for economic support. The fund can accept additional gifts, grants, and donations, and the moneys will be nonlapsing, meaning any unspent funds will carry over to subsequent years. The fund will become effective on January 1, 2027, providing a mechanism to help small businesses navigate challenging economic conditions and federal policy impacts.

Budget and Finance

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1470&inflect=2