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
Without objection so ordered. This is a hybrid hearing i want to remind members of key regulations from the House Committee on rules to ensure that the hearing goes mooths smoothly. Members must be visible on screen for the purposes of identification when joining this hearing. Members must also continue to use the video function on todays Software Platform cisco web x for the remainder of the time attending this hearing unless experiencing connectivity issues or other technical problems. If a member is experiencing any connectivity issues or problems, please inform the Committee Staff as soon as possible so you can receive assistance. A chat function is available for members on the web x platform for this purpose and members can also call the committees main phone line at 2022254472 for Technical Assistance by phone. Members may also not participate remotely in any other proceeding that may be occurring simultaneously. It is the responsibility of each member seeking recognition to unmu
Nations rail Service Needs 4 billion to stay afloat for fiscal year 2021. He made the comments in testimony before the house transportation subcommittee on railroads. The subcommittee will come to order. I ask unanimous consent that the chair declare a recess at any time during todays hearing. Without objection so ordered. I also ask unanimous consent that the subcommittee be permitted to sit with the subcommittee at todays hearing and ask questions. Without objection so ordered. This is a hybrid hearing. I want to remind members of key regulations from the House Committee on rules to ensure that the hearing goes smoothly. Members must be visible on screen for the purposes of identification when joining this hearing. Members must also continue to use the video function on todays Software Platform cisco webx for the remainder of the time they are attending this hearing, unless experiencing connectivity issues or other technical problems. If a member is experiencing any connectivity issu
Order. I ask unanimous consent that the chair declare a recess at any time during todays hearing. Without objection so ordered. I ask unanimous consent that [ inaudible ] the subcommittee be permitted to sit with the subcommittee at todays hearing and ask questions. Without objection so ordered. This is a hybrid hearing i want to remind members of key regulations from the House Committee on rules to ensure that the hearing goes mooths smoothly. Members must be visible on screen for the purposes of identification when joining this hearing. Members must also continue to use the video function on todays Software Platform cisco web x for the remainder of the time attending this hearing unless experiencing connectivity issues or other technical problems. If a member is experiencing any connectivity issues or problems, please inform the Committee Staff as soon as possible so you can receive assistance. A chat function is available for members on the web x platform for this purpose and member