The president pro tempore the senate will come to order. The chaplain, dr. Barry black, will open the senate with prayer. The chaplain let us pray. Mighty god, you are the strength of our lives, our safe fortress and shelter from lifes storms. During this season of a raging tempest, speak your peace to our senators. Remind them that you continue to rule your universe through the unfolding of your prevailing providence and that your truth continues to march on in our nation and world. Lord, prosper the works of the hands of our legislators, as they strive to glorify you with their thoughts, words, and actions. May faith replace fear, truth defeat falsehood, justice triumph over greed, and love prevail over hate. We pray in your great name. Amen. The president pro tempore 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
Of the committee and the house. All members are reminded that they are expected to observe standing rules of committee decorum when they are participating in any remote event. The technology we are utilizing to make someres us small modifications to ensure that members can fully participate in the proceedings. Designated by the speaker, the committee will operate according to congressional resolution 965, with particular guidance from the rules Committee Regarding the respective rights of all members participating. House regulations require members to be visible through a video connection throughout the precedent, so please keep your cameras on. Also, if you have to participate in another proceeding, please exit this one, and log back in later. Member experiences technical issues that prevent them from being recognized for their students for their questions, i will go to the next available member of the same party and will recognize that member at the next appropriate time, provided th
Congress can improve the program to help Small Businesses survive the economic downturn. Good afternoon. I am calling this hearing to order. Thank everyone for joining our second official remote hearing. Saying that standing house and Committee Rules are in practice and will continue to apply during remote hearings. Members will be expected to continue to adhere to the rules of the committee and the house. All members are reminded that they are expected to observe standing rules of committee decorum when they are participating in any remote event. The technology we are utilizing to make someres us small modifications to ensure that members can fully participate in the proceedings. Designated by the speaker, the committee will operate according to congressional resolution 965, with particular guidance from the rules Committee Regarding the respective rights of all members participating. House regulations require members to be visible through a video connection throughout the precedent,
Joining us live from montclair, new jersey, is the editor at large of inc. Magazine talking. Com and we are about the Paycheck Protection Program. Thank you for joining us. Explain the Paycheck Protection Program and give us this days report on the new law . Now there isht money available for businesses who need it. That allows them to get a loan backed by the fda that will allow you to pay your employees, potentially, while your business is closed. The first round of the money for the program was 349 billion dollars and it ran out after just under two weeks, about 13 days. The second round of money, we believe there is 100 billion left. A lot of people think the program is over, but for Business Owners for whom this is a good solution for keeping employees on, there is money Still Available and they should apply. Host what did you learn about part one of the program . What needed improvement . Guest a lot of dissatisfaction a lot of dissatisfaction was centered on the way it was execu
Program during the development of the cares act two months ago. Since its launch in early april, this program has provided forgivable loans totaling more than 510 billion to approximately 4. 3 million small employers across the country. The overwhelming majority of borrowers are very small employers. In phase one of the program, the average p. P. P. Loan size nationally was 206,000. That translates to an average employer size of just 18 employees. As more loans have been approved in phase two, the average loan size nationally has dropped to 118,000, suggesting an average business size of about ten employees. In maine, the average loan size is even smaller with borrowers having an estimated 12 employees in phase one and just three employees in phase two. According to the u. S. Census bureau, nearly twothirds of the Small Businesses in maine have benefited from p. P. P. Loans, and that is, im pleased to say, among the highest rates in the nation. In many ways its not a surprise. Maine is