Declining. We saw a constructive things. Waiting for the eighth or ninth year of expansion is not a perfect strategy. There is an issue of wanting to do as much as we can to avoid exacerbating the longstanding inferences and get back to a Strong Economy or we can start making progress again, which is what we were doing in february. Senator smith as the fed chair and at the fed you have the mission of low unemployment and managing inflation. And this need to spur job growth. We said there is not been a big worry about inflation. What if the fed were to lower its target for employment, even under 3 . What impact might that have on addressing longterm needs for addressing inequality. Changeowell we made a in our operating framework which addresses that directly. We will have an estimate of the natural rate of unemployment. We will not act on that, even if unemployment goes below that, unless we see inflation or some other problematic thing that seems to be late to where our rates are. We
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
Simply based on the long delays that the public has been observing with the work with public works. But we should have an update soon i would imagine. But, yeah, the timeframe i think that theyre reevaluating right now. Theres been many of our smaller projects, however, that were not allowed to proceed during shelterinplace and like neighborhood and traffic on main and the required work by actual work crews working together, they were deemed nonessential. Okay, thank you. Okay. Commissioner safai. Commissioner safai thank you, chair peskin and thank you mr. Tumlin. So i understand the fiscal outlook. Can you talk a little bit more about what some of your adjustments would be if and when and hopefully the cares act passes and theres additional moneys that come down to the transportation agencies, because i know that you have to present the situation based on the funding scenarios that we have. But i also know that the state and the federal government are going to do everything they can
When youre called for Public Comment, mute the device youre listening to the meeting on. When its your time to speak, you will be prompted to do so. Youre limited to three minutes a speaker unless otherwise established and speakers are requested and not required to state their name. Sf gov tv, please show the business slide. We will start with the Small Business commission this is the Business Forum to voice your opinions that affect the Economic Vitality of Small Businesses in San Francisco and this is the best place to get answers about doing business in San Francisco about the local emergency. If you need assistance with Small Business matters, you can find us online or via telephone. As always, our services are free of charge. Before item one is called, i would like to start with thanking Media Services and sf gov tv for coordinating this visual hearing and special thanks to michael for moderating the Public Comment line. Please call item number one. Item one role call . Item two,