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An Empirical Review of the Paycheck Protection Program

Wednesday, March 16, 2022 | 10:00 AM
The Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations will hold a hybrid hearing titled: “An Empirical Review of the Paycheck Protection Program.” The hearing is scheduled to begin at 10:00 A.M. on Wednesday, March 16, 2022 in Room 2360 of the Rayburn House Office Building. Participating members can also join remotely via Zoom.

To help small businesses retain employees and sustain operations during the early stages of the COVID-19 pandemic, Congress created the Paycheck Protection Program (PPP), a new forgivable loan guarantee program within the U.S. Small Business Administration (SBA) that delivered almost $800 billion in capital to small businesses. In the two years since its creation, researchers have reviewed and analyzed the loan data to assess the program’s effectiveness in preserving jobs and reaching underserved small business owners. Though the program is still in the forgiveness phase, much of the empirical research shows the program effectively helped save millions of jobs but failed to reach the smallest of businesses early enough to be maximally effective. This hearing will allow Members to hear from government and academic researchers about their findings on the effectiveness of the PPP and lessons learned about the distribution of loan funds. 

To view a livestream of the hearing, click here

Hearing Notice

Hearing Memo


Panel One:
Mr. William Shear
Financial Markets and Community Investment
United States Government Accountability Office
Washington, DC

Panel Two:
Dr. Robert W. Fairlie
Professor of Economics
University of California, Santa Cruz
Santa Cruz, CA

Dr. Manju Puri
J. B. Fuqua Professor of Finance
Duke University Fuqua School of Business
Durham, NC

Dr. Iryna Demko
Research Associate at the Center for Economic Development
Maxine Goodman Levin College of Urban Affairs, Cleveland State University
Cleveland, OH

Mr. Robert Barnes
President and Chief Executive Officer
PriorityOne Bank
North Magee, MS 
*Testifying on behalf of the Independent Community Bankers of America
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