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Statement of the Hon. Nydia M. Velazquez on Update on SBA’s Pandemic Response Programs

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The COVID-19 pandemic sparked a once-in-a-lifetime crisis for American small businesses. The pandemic hit small firms the hardest, resulting in the most significant in business ownership in U.S. history. Facing an unprecedented wave of small business closures, Congress acted by creating economic relief programs to help businesses stay afloat through the crisis. Since the passage of the CARES Act, ...

Statement of the Hon. Kweisi Mfume on The Interaction Between the Paycheck Protection Program and Federal Acquisition Rules: What it Means for Government Contractors

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Thank you all for being here today for the first hearing of the Subcommittee on Contracting and Infrastructure for the 117th Congress. For our opening hearing, I thought it was important to examine an issue that is a priority for government contractors: the interplay between the Federal Acquisition Regulations (the FAR) and the Paycheck Protection Program (PPP). The FAR serves as the primary set o...

Statement of the Hon. Jared Golden on The Role of Community Navigators in Reaching Underserved Businesses.

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I’m proud to serve as Chair of this critical subcommittee. Underserved, agricultural, and rural small businesses have experienced some of the harshest outcomes of the COVID-19 pandemic. The road to recovery they face is long, and we must ensure we advance policy that prioritizes them, so they are not left behind. I hope to use this subcommittee’s first hearing during the 117th Congress to examine ...

Statement of the Hon. Nydia M. Velazquez on The Next Steps for the Paycheck Protection Program Long-Lasting Solutions for a Small Business Recovery

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One year ago today, during the early stages of the pandemic, this Committee held our first hearing on the impact of COVID on small businesses. Since that hearing, our Committee has been working relentlessly to get them the aid they need to make it through this crisis. One of Congress’s earliest and most effective means of distributing relief to small businesses was through the Paycheck Protection ...

Statement of the Hon. Nydia M. Velazquez on State of the Small Business Economy in the Era of COVID-19

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This past year, COVID-19 sparked a once in a lifetime crisis for American small businesses. As we meet today, entrepreneurs nationwide are holding on to their businesses for dear life. According to research published by the Federal Reserve Bank of New York, the number of active business owners fell by 22% from February to April 2020, the largest drop on record. That same research showed minority-o...

Statement of the Hon. Judy Chu on Preventing Fraud and Abuse of PPP and EIDL: An Update with the SBA Office of Inspector General and the Government Accountability Office

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The COVID-19 pandemic has fundamentally altered the way America’s small businesses operate. Mandatory closures to protect public health have significantly impacted their bottom line and viability. To help small businesses weather the pandemic, Congress has passed a series of legislative packages. On March 6th, The Coronavirus Preparedness and Response Supplemental Appropriations Act became law and...

Statement of The Hon. Andy Kim on A Review of PPP Forgiveness

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We are meeting today to conduct an important hearing on the Small Business Administration’s Paycheck Protection Program, or “PPP,” and specifically, a review of the loan forgiveness process.I want to thank each of the witnesses for their testimonies today. Over the past several months, this Committee has held numerous hearings on the PPP, and we’ve heard from borrowers and lenders about the challe...

Statement of the Hon. Jared Golden on SBA Management Review: Office of Government Contracting and Business Development

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Today, the Committee will examine the management and operations of SBA’s Office of Government Contracting and Business Development. The main purpose of this office- commonly known as GCBD- is to maximize small business participation in government contracting. We know that when a small business is awarded a federal contract, it spurs economic development and job growth in our communities. One of th...

Statement of the Hon. Abby Finkenauer on Kick Starting Entrepreneurship and Main Street Economic Recovery

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I want to start by recognizing the Iowans in our community who have gone through hell the last few weeks. You see, cities and towns in our congressional district were hit by a derecho in the middle of August. That meant hurricane-like 140 mile per hour winds ripping through homes, businesses, and farms –– all this with almost no warning. Hundreds of thousands were left without power for more than ...

Statement of the Hon. Nydia M. Velazquez on Transparency in Small Business Lending

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Affordable capital fuels new startups and helps existing businesses expand into new markets and grow their customer bases. And we know that when capital is accessible on fair terms, small businesses can do what they do best---strengthen our communities and fuel our economy. However, predatory lending practices and lack of oversight can put many small businesses out of business. Last summer, our Co...

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