Todays hearing on had committee of Small Business and entrepreneurship will come to order, and i want to thank everyone for joining us here today. I want to thank you both for being here though 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 in particular as it applies to Small Business. The cares act is landmark legislation. In less than 2 Weeks Congress passed the largest Economic Relief package in our nations history. And now after the passage of two further reforms the Paycheck Protection Program is the largest component of the Economic Relief enact by the cares act. Opthat point i just want to say a couple of things. First of all, it was the extraordinary work of many people, staff, of course worked tirelessly to make this possible. The partnership we had from both the sba and the treasury was extraordinary. Members on this committee, every single one participated. Obviously the leaders
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
The vote 11 40 eastern, a final vote around 1 30 this afternoon. Now, live coverage of the u. S. Senate here on cspan2. The chaplain lord god, in these difficult and challenging times, remind us that the earth belongs to you, and you have not abandoned it unite us with the understanding that you are our father, and we are all members of the human family. We pray for all who have been impacted by the pain of this us to crisis season. Use our senators to make the weak strong, the sick healthy, and the broken whole. Lord, surround those who have been shaken by anguish with your divine presence and peace. We pray in your loving name. Amen. The presiding officer please join me in reciting the pledge of allegiance. I pledge allegiance to the flag of the United States of america, and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. The presiding officer the clerk will read a communication to the senate. The clerk washington, d. C. , jun
In the United States i am sure you are very aware that we are in the midst of significant budget battles and dysfunctions one might say, and for those of us who watched defense we are particularly the implications of that for u. S. Defense strategy and planning. Im wondering how you would describe the cuts in defense in canada. I dont think you have quite the political environment we do right now but surely you must have the same sense of general interest in how canada plans to go forward and again strategically where canada wants to be in terms of its role in the world and how to underwrite that with military capability. I would love to hear a little bit about the efforts underway in canada including your own defense reform initiative. That looks to cut inefficiencies to free up some funds. Good for you youve got the name right. The defense renewal team has worked a year. One of the first tasks in taking on this position was the direction to maintain everyone and the numbers that i ha
A day else a portion of the sheriff shared lending to small and microbusinesses. Because of that 4 billiondollar investment in 332 institutions across the Country Community banks or cdfi loan funds, we have seen positive returns for taxpayers so this is no cost to the taxpayer and we are also seeing that lending has increased by more than 10 billion so we take that 4 billion investment. As a result the institutions have loaned more than 10 million above and beyond the lending that they were doing beforehand. What that actually turns into is around 41,000 new loans to Small Businesses. It also means that of those loans, i think we are somewhere around 65 or 70 of those loans were below 100,000, so these are actually loans that are going to the smallest of Small Businesses, not midsize businesses that getting the businesses that are going to be the job creators and are the job creators. We also invested through another program called the state smallbusiness Credit Initiative 1. 5 billion