Process and wait times for receiving loans. From the house Small Business committee, this is about two hours. I want to thank everybody for joining us. I want to know important requirements. Let me begin by standing in that test by stating that house rules will continue to apply during the proceedings. All members are reminded that they are expected to adhere to these standing rules, including decorum. With that said, the technology we are utilizing today requires us to make some small thefications to ensure that members can fully participate in these proceedings. Asing the covid period, designated by the speaker, the committee will operate in accordance with House Resolution guidancer subsequence from the rules committee in a manner that respects the rights of all members to bridges bait. To participate. Regulations require members to be visible through a video connection throughout the proceedings, so keep your cameras on. Also, if you have to participate in another proceeding, pleas
Now in april this year the Federal Reserve bank in new york reported that minority and women owned businesses are significantly more likely to show signs of limited Financial Health and more likely to be classified as at risk for distress the nonminority Small Businesses. Further companies are three times likely as Healthy Business to close because of a two month the ppps program established under the cares act and administered by the Small Business administration and treasury for distress with responded to the covid19 pandemic. Recent analysis of the color of change in the United States found only one in ten africanamerican owned businesses received the requested funds through the program. I have heard from many a minority owned businesses who did everything right, they did not give a low number or loan in the first round, many minority businesses share the enhancement act was not adequately designed to enhance or assist Small Businesses. Thank you to the partnership of the Financial
Inadvertent background noise. Remotelyarticipating will need to unmute your microphone speak. Participating in person, please wear your mask when not speaking. Dr. Monahan extract expressed in the updated guidelines that the use of face coverings is meant to protect other people in case the wearer is unknowingly infected. When we are not speaking, each of us is playing a vital role in tech and all members and staff in attendance, as well as leaders of the covid19 response will be testifying before the committee. Due to the anticipated length of the hearing, we will take a 15 minute recess at 1 30 to provide witnesses a restroom break. And so the documents can be sent to benjamin taylor, all documents will be entered into the record at the conclusion of the hearing. I now recognize myself for five minutes for an Opening Statement. Today, the energy and Commerce Committee continues its important work overseeing the administrations response to the covid19 pandemic. Focal to overstate the
Coronavirus affects the economy with a hearing on the loan program created to help Small Businesses during the pandemic, including failures in the application process and wait times for receiving loans. From the house Small Business committee, this is about two hours. Good morning. Order. This hearing to the chair istion, authorized to declare a recess at any time. Everyone,thank especially our witness, for joining us today for our hearing. I want to make sure to note some important requirements. Let me begin by saying that standing house and Committee Rules and practice will continue to apply during hybrid proceedings. Thatembers are reminded they are expected to adhere to these standing rules, including decorum. With that said, the technology we are utilizing today requires us to make some small modifications to ensure that members can fully participate in these proceedings. Period designated by the speaker, the committee will resolutioner house under subsequent guidance from the rul
[indistinct conversations] today, the committee is holding a hearing entitled oversight of the Trump Administrations response to the covid19 endemic pandemic. Due to the Public Health emergency, members can participate in todays hearing either in person or remotely via video, and. Theart of this hearing, microphones will be set on mute, for the purpose of eliminating inadvertent background noise. Remotelyarticipating will need to unmute your microphone speak. Participating in person, please wear your mask when not speaking. Dr. Monahan extract expressed in the updated guidelines that the use of face coverings is meant to protect other people in case the wearer is unknowingly infected. When we are not speaking, each of us is playing a vital role in tech and all members and staff in attendance, as well as leaders of the covid19 response will be testifying before the committee. Due to the anticipated length of the hearing, we will take a 15 minute recess at 1 30 to provide witnesses a res