We are meeting today to conduct an important hearing on the Small Business administration Paycheck Protection Program, or ppp, specifically, review review of the loan forgiveness process. I want to thank each of the witnesses for their testimonies today. Over the past several months, this committee has held numerous hearings on the ppp, and weve heard from borrowers and lenders about the challenges theyve faced in accessing the program. Ive also traveled across my district of burlington and ocean counties in new jersey to speak with Business Owners about how theyve fared during the pandemic, and ive heard some of the successes and challenges theyve faced with ppp and uncertainty about what the future holds. From borrowers who eventually did access a loan, the Committee Heard concerns about complicated, unclear, and sometimes conflicting Program Rules and other requirements associated with loan forgiveness. Lenders also expressed a great deal of frustration over the needlessly complicat
Hearings on the ppp, and weve heard from borrowers and lenders about the challenges theyve faced in accessing the program. Ive also traveled across my district of burlington and ocean counties in new jersey to speak with Business Owners about how theyve fared during the pandemic, and ive heard some of the successes and challenges theyve faced with ppp and uncertainty about what the future holds. From borrowers who eventually did access a loan, the Committee Heard concerns about complicated, unclear, and sometimes conflicting Program Rules and other requirements associated with loan forgiveness. Lenders also expressed a great deal of frustration over the needlessly complicated rules and reported feeling unable to adequately help their borrowers through the forgiveness process. Through it all, borrowers simply wanted to ensure they were using loan proceeds consistent with the law so they could qualify for full loan forgiveness, and effectively convert the loan into a grant, which was the
Back after the recess. Buschon, thankry you. Guest thank you for having me. Host that will do it for us today. We are taking your life to the house floor to gavel to gavel coverage. The speaker pro tempore the house will be in order. The chair lays before the house a communication from the speaker. The clerk the speakers room, d. C. , july 1, 2020. Hereby appoint the honorable Henry Cuellar to act as speaker pro tempore on this day. Pelosi, speaker of the house of representatives. The speaker pro tempore pursuant to the order of the house of january 7, 2020, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. The chair will alternate recognition between the parties. With time equally allocated between parties and each member other than the majority and minority leaders and minority whip limited to five minutes. But in no event shall debate continue beyond 9 50 a. M. Recognizes the gentleman from california, mr. Panetta
Almost two and a half hours. [inaudible conversations] is a todays committee will come to order and i want to thank everyone for joining us here today and want to welcome the secretary and the administrator and thank you both for being here and all the members for being here. This is the first opportunity to hear from both of you about the enactment of the act in particular as it applies to Small Business. It is a landmark legislation and less than two Weeks Congress passed the largest Economic Relief package. They worked tirelessly to make it possible every single one participated on the leadership of the Ranking Member, senator cardin, senator shaheen and senator Collin Collins isnt a r of the committee that was part of the task force and it was invaluable in helping craft a lot of this and i want the record to reflect dot. We have invited senator collins does it and participate and rightfully so because of the extraordinary contribution. As every member thats been involved, the admi
[inaudible conversations] is a todays committee will come to order and i want to thank everyone for joining us here today and want to welcome the secretary and the administrator and thank you both for being here and all the members for being here. This is the first opportunity to hear from both of you about the enactment of the act in particular as it applies to Small Business. It is a landmark legislation and less than two Weeks Congress passed the largest Economic Relief package. They worked tirelessly to make it possible every single one participated on the leadership of the Ranking Member, senator cardin, senator shaheen and senator Collin Collins isnt a r of the committee that was part of the task force and it was invaluable in helping craft a lot of this and i want the record to reflect dot. We have invited senator collins does it and participate and rightfully so because of the extraordinary contribution. As every member thats been involved, the administrator has an incredible a