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... Read more »
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... Read more »
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... Read more »
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 ... Read more »
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... Read more »
I am pleased to be holding this important hearing today to learn more about the Small Business Administration’s information technology (IT) systems, IT modernization efforts, and cyber security strategy. SBA has counted on its technology systems to implement the programs that help entrepreneurs launch and grow their small business. And millions of small businesses have relied on them over the past... Read more »
“Secretary Mnuchin, Administrator Carranza, welcome to the Small Business Committee, and thank you for being here. Let me start by saying I want to give a sincere thank you to all the staff at both your agencies who have worked tirelessly over the last few months responding to this crisis. “I am deeply appreciative of all their work, which helped support millions of American jobs in a moment of u... Read more »
Since February, the outbreak of COVID-19 has taken a significant toll on the entire U.S. economy. This crisis has hit America’s small businesses especially hard. Three-out-of-four small businesses have been experiencing a decrease in revenue since March. And an estimated 7.5 million small businesses are at risk of permanent closure as a result of this crisis. As members of this Committee and as le... Read more »
Good morning and thank you all for being here. I’d like to especially thank the witnesses for taking time out of their busy schedule to be with us this morning. I also want to thank the Small Business Committee staff for their diligent work during this unique time. It is no secret that small businesses are reeling from the ongoing Coronavirus pandemic which brought entire sectors of the U.S. econo... Read more »
We are meeting today to conduct an important oversight hearing on SBA’s implementation of the Economic Injury Disaster Loan program, or as some call it, the EIDL (pronounced IDLE) program, which was activated on March 12, making it the first economic relief program to assist small businesses adversely impacted by the coronavirus pandemic. I’d like to thank Mr. James Rivera, the Associate Administr... Read more »
