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
Be worrisome. Arestors seems that they looking to a lot this great Second Quarter in, david. David the consumer board came out with good numbers on positive consumer confidence. We are going to get fedex after the bell today. What are we looking for . Abigail relative to the earnings, micron put up a Strong Quarter and boosted the outlook carrying the outlook boosted the outlook. That wasto the quarter a stunning quarter, i wonder break it down. 18 this quarter. The best quarter since 1998. Treasuries after a huge quarter in the First Quarter relatively flat, but where we saw huge gains, investment credit, highyield credit, this of course on that fed support buying outright Corporate Bonds and those etfs. Gold having a strong day. Not just today but it was the quarter up 14 . The best quarter since 2009, so it will be interesting to see if this will continue into july, whether the Third Quarter can be a strong as the Second Quarter. Probably unlikely, but right now, there is an optimis
Nasdaq is leading the way again. 9,996. Will we get to 10,000 again before the quarter and the half year are over . Its a 1. 25 gain today. Its the only of three majors to be positive year to date ill start that there, josh brown. The nasdaq is reminding everybody how we got here in first place. Thats right. It continues to be a tale of two markets despite those days where it looks like were about to have this massive mean reversion for the rest of the market it really is these names that are getting the job done day in and day out. Ive highlighted the fact the nasdaq equal weight is doing as well or better on some days than the regular market cap weighted triple qs. Thats indicative of broad strength not just five stocks dragging the whole market higher. Then the coronavirus losers are doing what think have been doing for quite a while. Each day were getting new names added to the list. This is just another casualty of this two speed economy that were going to have. If you focus on wh
Aid package in congress. The House Financial Services meeting is just over two hours. The i plan to continue the hearing if votes are called. Both of you have agreed to be here for two hours from the start of the hearing, and i thank you. The chair is authorized to declare recess of the committee anytime. The members and arresting those witnesses to the First Full Committee Hearing conducted by the committee on financial services. As the congress breaks new ground with these hearings, i want to remind members of the two matters including some required by the regulations accompanying the House Resolution 965 which established the framework for remote and hybrid committee proceedings. First i would ask all members to keep themselves muted when they are not being recognized. Members on the platform owner responsible for meeting and amusing themselves. The staff has been instructed not to mute members. Members on the platform are reminded they may attend one hearing at a times if they were