Washington journal program. Go through our social media feed. Cspan, created by americas Cable Television companies as a Public Service and brought to you today by your television provider. Cherry treasury secretary Stephen Mnuchin and carranza testified on the implementation of the cares act corona virus relief law. The Small Business Committee Members asked about the rollout and the effectiveness of the Paycheck Protection Program referred to as ppp. [inaudible] todays hearing on this committee on Small Business and entrepreneurship will come to order and i want to thank everyone for joining us here today and welcome both secretary mnuchin and administrator carranza. Thank you for being here so far away and all the members for being here today. This is our first opportunity to hear from both of you about the enactment of the cares act as it applies to Small Business. The cares act as landmark legislation and less than two Weeks Congress passed the largest Economic Relief ka package i
You for joining us today. We will bring some other people [inaudible] great to see you. Tell us first about what youve done and why its so important. I think the federal governments response, which has been obviously a record size and speed, 2. 7 trillion directly appropriated, Federal Reserve to another for chilean lending have helped make this crisis at least not worse but still, we now know we have 36 million americans who have lost their job in about 25 million of those have lost their Health Insurance. Study statistics send the Federal Reserves show that the folks who make 40000 or less, 40 of those fellow americans [inaudible] and those who think this will be some de shape recovery are wishful thinking. Obviously the house has had a very ambitious plan and my idea is that we have more progressive to last and similar approaches taken by republican senators that before we simply get rid of the existing buckets lets pause and say lets work around the world and if we look at our euro
Senator, great to see it. I know you have had a busy day. Let me just start, we had secretary mnuchin on this morning and we asked him about the ppp, Small Businesses and having oversight into how it is working. He said look, we will get to that discussion later and there is proprietary information that is involved but he gave no headway into what you have been working on it which to get more data and more transparency frankly into that program. What is the state of play as we talk right now . Well, millions of loans have been given out under the ppp program and still have about one and a billion dollars of leeway with ppp loans. The sba and treasury brought this program up as a new program rather quickly and there certainly have been pains in its growth and things that need to be corrected and fixed but the most important thing right now is to get the data to understand how the program is working and then we have to have transparency to make sure that all Small Businesses have opportu
Sen. Cardin well, millions of loans have been given out under the ppp program and still have about one and a billion dollars of leeway with ppp loans. The sba and treasury brought this program up as a new program rather quickly and there certainly have been pains in its growth and things that need to be corrected and fixed but the most important thing right now is to get the data to understand how the program is working and then we have to have transparency to make sure that all Small Businesses have opportunities, including those that are traditionally underserved and under banked. Thats our priority, and we are working on dealing with one notable problem with ppp programs and that is the eight weeks set in the time period and it presents certain challenges because we thought the economy would be performing better than it is. We are all in agreement that we have to give some flexibility on that eight week time period. What have we not gotten right either in the first round of supporti
That eyes is one that eyes glazed over but now it is exciting. Ben cardin, our conversation will focus on a single question, what should great to see you. I know you had a busy day. Let me start. We had secretary mnuchin on this morning. Ppe,ked him about the Small Businesses and having oversight into how it is working. And he said we will get to that discussion later. This proprietary there is proprietary information that is involved. He gave no headway on what you have been involved in, which is to get more data and transparency into the program. What is the state of plate right now . Loansre are millions of that have been given out. They have over 100 Million Dollars of leeway to grant ppe. Program offers a new program. There have been pains in its growth. There are things that need to be corrected and fixed. The most important thing for us now is to get the data and that we have complete transparency and we make sure all Small Businesses have opportunities. Including those that are