Over the past several months, this committee has held numerous hearings on the ppp and heard from borrowers and challenges theyve faced in accessing the program. Ive travelled through the districts to speak with Business Owners about how they faired through the pandemic. And ive heard some of the successes and challenges they face with the ppp. And uncertainty about what the future holds. From borrower who is eventually access the loan, the Committee Heard concerns about complicated and 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 for proceeding consistent with the law so they could qualify for full loan forgiveness and effectively convert the loan into a grant which was the congressional intent i
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
Get started now. Folks are still arriving which is fine. But we want to get started because weve got a fantastic program for you and not a lot of time. This hour is going to flyby. Toms book is really a fantastic read. But i do think that folks especially in the United States are going to find the book controversial. Thats a great thing about a book. If the book doesnt generate a conversation then it may not be worth reading. This is a glass halffull story about chinas economy in the management of the Financial System. Its offered at a time when u. S. China relations are declining. And attacks from all different corners in the United States of china system are growing. And theres this argument that chinas economy, how it manages that economy, is incompatible with the international system. And as a result the u. S. And others need to reduce their exposure to chinas unique risk. The book tries to answer the question, how did china japan should do it . How did they manage to continue to g
Program for you and not a lot of time. This hours going to fly by. Toms book is really a fantastic read, and but i do think that both especially in the United States theyre going the find the book controversial, and thats the great thing about a book. If a book doesnt generate a conversation, then it may not be worth reading. But this is a Glass Half Full story of chinas economy and the management of the Financial System. And its offered at a time when u. S. china relations are declining and attacks from all different corners in the United States of chinas system are growing. And theres this argument that chinas economy, how it manages that economy, is incompatible with the international system. And as a result, the u. S. And others need to reduce their exposure to chinas unique risks. The book tries to answer the question how did china manage to do it, howd they manage to continue to grow without a mayor financial cry crisis. And they keep it up. Im going to turn the floor over to tom