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 »
The Defense Production Act, or DPA, was enacted seventy years ago – after the outbreak of the Korean War – in an effort to spur industrial production to meet wartime needs. At that time, the nation was ill-prepared for another war following World War II. To bolster our country’s defense infrastructure, the President requested authorities to mobilize our domestic industry to increase production of ... Read more »
Over the last few months, the outbreak of COVID-19 has led to an unprecedented public health crisis. Congress took swift steps to address both, but today we will be focusing on the Paycheck Protection Program – created by the CARES Act. The Paycheck Protection Program is a sub-program of the 7(a) loan guarantee program, and began with almost $350 billion for fully guaranteed, forgivable loans desi... Read more »
Over the last few months, the outbreak of COVID-19 has led to an unprecedented public health crisis AND a dire economic crisis. We have lost over 110,000 people to the disease and 40 million remain unemployed. Back in February, as the pandemic was getting worse, we knew we needed to take action to help our small businesses survive the economic downturn. We started working with the SBA and Governor... Read more »
Not only has coronavirus caused thousands of tragic deaths around the globe, this public health crisis also threatens the fabric of our economy, which is woven together by small businesses. Already, economists have lowered global forecasts with the dimmest outlooks predicting a fall from nearly 3 percent to just 1 percent growth due to the uncertainty and disruptions inflicted by the virus. Here i... Read more »
The key to long term growth in our economy is to make sure we are creating an environment that encourages innovation. That is why since last January we have held hearings on how the digital ecosystem promotes entrepreneurship, how small firms are leading the way in the clean energy economy, and solutions to decrease barriers for women and minorities seeking patents and trademarks. Today’s hearing ... Read more »
