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… 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… 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… 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.… Read more »
America’s small businesses are a catalyst for creating employment opportunities and driving growth in the U.S. economy. That is because the 30 million small firms in the U.S. represent over 99 percent of all employers, and support nearly 56 million jobs. That is why we need to be enacting policies that help small businesses deliver the products, services, jobs, innovation, and… Read more »
Whether it’s the roads, rails, and bridges that we use to transport our goods, the utility systems that power our factories, or the telecommunications networks that connect consumers to businesses, maintaining America’s infrastructure is fundamental to a robust economy and to the nation’s competitiveness. Historically, America’s infrastructure network has fostered strong economies and… Read more »
Today, we have the opportunity to welcome the Honorable Jovita Carranza, the 26th Administrator of the Small Business Administration, to our Committee. While there are many political and ideological differences represented on this Committee, one thing we all agree on is the importance of small businesses to our nation’s economy. America’s 30 million small businesses are the cornerstones… Read more »
Our Committee has a longstanding tradition of working in a bipartisan manner on behalf of America’s 30 million small businesses. We work together to make the programs at SBA more effective and seek ways to encourage entrepreneurship and job growth on Main Street.
And because small businesses are such an important part of our economy, what we do here impacts the lives of nearly every… Read more »
As Chairman of the Innovation and Workforce Subcommittee, I see every day how much value comes from innovation and entrepreneurship. For decades, the United States has led the world in innovation, in large part because of our commitment to funding research and development at our nation’s universities.
Every year, hundreds of patents are developed on our nation’s college campuses.… Read more »
Today, the Committee will examine the management and performance of SBA’s Office of Credit Risk Management – otherwise known as OCRM. OCRM is responsible for conducting oversight of SBA’s lending programs and its $120 billion 7(a) and 504 loan portfolios.
All of us are acutely aware that access to capital plays a vital role in the success of our nation’s 30 million small… Read more »
