Outbreak of covid19 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 band that it was worse, we knew we needed to take action to help our Small Businesses survive the economic downturn. We started working with the sba and governors around the country to leverage the sba disaster resources available. Can you please mute . Anyone should be muted. Everyone should be muted. As the virus continues to spread, or state and local governments began imposing stayathome orders and business closures. We quickly realized Congress Needed to do more to meet the full scope of the problem, and that is when we started working on what ultimately became the cares act. To help Small Businesses and eligible nonprofits, congress created a new Paycheck Protection Program, expanded eligibility to the program and provided payment and interest relief for current sba borrowers. I
Loans provided through the c. A. R. E. S. Act during the coronavirus pandemic. The House Small Business Committee held this hearing. I want to thank everyone for joining us this afternoon for our committees First Official remote hearing. I want to make sure to note some important requirements. House regulations require members to be visible through a video connection throughout the proceedings. So please keep your cameras on. Also, if you have to participate in another proceeding, please exit this one and log on later. You are recognized to minimize background noise. Over the last few months, the outbreak of covid19 has led to an unpresented Public Health crisis and dire economic crisis. We have lost over 10,000 people to the disease and 30 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 governors around the country to leverage
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