Committee on Small Business member states, hearing on response, we had a hard stop, we could move as quickly as we can and could not accommodate every member in person today and we are accepting statements until thursday april 30th. Today is a chance for the committee to hear directly from members of congress about thoughts on the covid19 response for the next package to Small Business issues for the committee of jurisdiction. I would like to remind everyone we are practicing social distancing and taking other precautions for all in attendance. I appreciate your cooperation so that we can protect ourselves and our hardworking staff. Three weeks ago when congress created the Paycheck Protection Program we did so with the goal of providing a lifeline, the program experienced Unprecedented Demand and proven successful, helping more than 1. 6 million entities to support employees. As a result we will be replenishing the Program Later today. While we are moving quickly to provide an additional 310 billion, to examine what is and is not working as well as gain a better understanding of how to move forward if the ppp must the extent that against. It is implemented as congress intended. The piecemeal guidance has released in many instances confusing, contradictory and provide little clarity to millions of Small Businesses in desperate need of assistance. We are aware 90 publicly traded Companies Get ppp loans in some cases more than once. This is unacceptable and i call on the fda to use its Administrative Authority now to prevent further misuse. Congress would also be exploring ways to explore the public trust in the next package. And beyond todays in fusion. We must bear that with common sense reforms to programs that will ensure we are helping american Small Businesses. Thank you for being with us today. I look forward to the discussion and working on your ideas to provide the best opportunity for survival and recovery for Small Businesses in all our communities across this country. I would like to yield to Mister Chavez for his opening statement. Thank you for holding this important hearing. I want to mention the chairwoman has been in thoughts and prayers. Small businesses, entrepreneurs and startups play a critical role. And to every 3 of the new jobs in this nation. And the false of main street, and their employees, as a Response Congress created a paycheck protection. During this emergency period. A low interest wrote loan for other expenses, Small Businesses have a tool available to assist them as they try to weather this storm. The program has experienced high demand. Within a 2week span, all the money within the Paycheck Protection Program was exhausted. I urge my colleagues to inject more dollars into this program as quickly as possible. This committee hosted a bipartisan call with the Small Business administrator. Committee members amplify issues facing Small Businesses to the leader of the sba. We will hear from other members fighting for their Small Business. I will look forward to hearing their thoughts and ideas how the cares act relief programs have been implemented, suggestions of how congress can improve them moving forward. There have been bumps in the road and more clarity is necessary the sba rose to the challenge of assisting the nations smallest firms when no other options are available. As members of congress it is critically important we Work Together to assist the nations Small Businesses, entrepreneurs and startups. Main street businesses are counting on federal assistance so lets deliver. I yield back. For participation we will do our best to accommodate all the members to provide testimony. I remind everyone we have two minutes to provide testimony and ask you to stay within the 10 time frame to the best of your ability. Lets get started. Let me welcome the chairwoman of the subcommittee on rural development, agricultural trade. Thank you to the members of the committee here today. An honor to serve with you, folks in the First District in iowa. This is a hard time for Small Businesses and americans across the state and district. It is something we are coming together today to do more and make sure our folks have what they need. We step up and continue to listen to the folks in our district about what they are going through and what they need. A story i want to share today is a man in monticello who has six employees with High School Sports canceled, over 100, 000 in uniforms and equip and he cant sell, worried about his employees and if he is able to get this afloat, this is why we are doing this today. Heres the big thing for me on these programs, we must do more to make sure communitybased Financial Institutions have those dollars to put outside the communities. It isnt just about the big businesses that need millions of dollars to stay afloat. Those in need 10,000, 5000, 20,000, maybe have 10 employees, 5 employees and in my district in particular with the amount of Credit Unions and Small Community banks, this touches specifically folks in the district. I am honored to be here today to do more and it will be our job to continue to get them what they need. With that i yield back. The gentleman from minnesota, the Ranking Member on contracting and infrastructure is recognized for two minutes. It is great to see you and i wish you the best, thank you for your work, thank you for giving me the opportunity to testify before your behalf of the constituents of the eighth constituents it is not unique. The whole country is in this together but i would like to take this opportunity to share with minnesotans what minnesotans have experienced, the struggles are the nationwide shutdown and how we can come out of this more resilient and stronger than ever. Points for Small Businesses, and in segments to be forthcoming, many struggle to understand what is best for them. Some received a fraction of what they were promised and many others received nothing at all. The sba and treasury working around the clock to effectively implement the cares act and provide as much clarity as possible along the way. My constituents are rightfully frustrated. As a Small Business owner myself i know financial uncertainty is completely destabilizing with many businesses here, and already shut their doors. The priorities we take on as leaders of the Small Business community, the mom and pop shops, recipients of the loans, as few as 2 or 3 employees matter just as much as the maximum of 500 and we must prioritize getting the ppp out the door as quickly as possible. Im happy were passing legislation to replenish the ppp program for Small Business men and women. If there was ever a time to put aside partisanship it is now. I stand ready and willing to assist anyway i can to ensure as we sit in the beginning of the statement our nation together, we will come out stronger, more resilient and more selfreliant than ever. We must recognize that Small Businesses are the engine of the economy. The gentleman from new jersey, the chairman of the subcommittee on Economic Growth is recognized. Thank you for this opportunity, or millions across the country who depends on Small Businesses for their livelihood or what they faced during this crisis. Every day my staff talks with Small Business owners in this district who had to close your doors or opposed to doing so. They are hoping the money in their town is enough to pay the next mortgage or rent check hoping they can keep food on the table. And they provide additional relief to the same people i hear from. All told we set aside 2 thirds of 1 trillion to help Small Business owners keep people off payroll and keep their doors open. If your Small Business owner received this help it has been a lifesaver. We need to be clear, the Paycheck Protection Program has been flawed and does not provide the longterm solution or certainty are Small Business owners deserve. We have seen the Paycheck Protection Program fail our Small Business owners. Weve seen and consistent and unclear rules that make it difficult for lenders to get online. We have seen Small Businesses who want to do the right thing, to meet stringent eligibility and Program Requirements including unnecessary, 7525 formula and exclusion of nonprofits on the front lines of this crisis. It doesnt work in some parts of this country. The size of small ones, mom and pop shops on main street wait for congress to add more money. All of these need to be fixed and need to be fixed now. Fully funded from is to come, it wont solve a problem we face, we have to get the country moving forward. The National Testing program to do so, i urge all of us to Work Together to make sure that happened in test those who are sick or healthy and open up the economy again. Thank you and i yield back. The gentleman yields back. The Ranking Member of the subcommittee on rural develop, agriculture and trade. Thank you, in this committee, the Small Business is the backbone of the economy and perhaps never more evident than during the coronavirus pandemic which we recognize is truly a Public Health and economic crisis. Thirteenth district of pennsylvania is home to many Small Businesses all of which have been significantly affected by the ongoing coronavirus outbreak. It forced businesses to temporarily close their doors thanks to the resources of the 100 Sixteenth Congress and the cares act, Small Businesses in pennsylvania were approved for Paycheck Protection Program loans to keep them afloat while we fight this invisible entity. Fortunately far too many businesses shot out of the program when the funds ran dry. Initial confusion on size limitation and guidance that did not consider the unique Business Model of Agricultural Producers kept many farmers from accessing this release. Im pleased to see the progress we have made to include farmers, more must be done to ensure the future of Agricultural Producers and food supply chain. Over the past week i have spoken with workers, Small Business owners and farmers truly counting on the Paycheck Protection Program. Counting on congress, and many stepped up and guide chemicals in Somerset County to the mason dixon distillery in adams county. Small businesses changed course to provide Hand Sanitizer and other items needed by frontline responders. These men and women are not only the backbone of our economy, and Congress Must continue to deliver on our promise for them. I thank you and thank the Ranking Member for your leadership and continued support in these trying times and i yield back the balance of my time. The gentleman yields back. I recognize the gentleman from colorado. Innovation and workforce development. Thank you for convening this session. Im honored to serve beside both of you. I heard from hundreds of constituents from the Paycheck Protection Program in the loan programs have been lifelines but shortages of these programs have been well documented. To ensure these programs have the funding they need. I also heard how our nations chambers of commerce desperately need assistance so my local chamber 7 forced to lay off staff and facing other immense challenges in equitable mission. We have to make sure we are adjusting to these organizations. It helps business of helping Companies Invest more money and more abundances under the Small BusinessInvestment Company program. It would increase the amount so they can invest in these sbics by expanding the program we can further incentivize main street to help main street during its critical time. As millions of businesses apply for and receive assistance from the Small Business administration we need to address the Cyber Security that the fda considering recent of elements of 8000 borrowers may have had their personal information exploited from cyber vulnerability. My bill is a small Cyber Awareness act required the fda to report these within 180 days, better infrastructure framework to move forward with vulnerabilities. Finally as we all know oversight of important loan and Grant Programs is one of the most important roles of this committee. Youve been concerned about recent reports a larger publicly traded Companies Using programs intended for nation Small Businesses. I look forward to working with all members of the committee to address any misuse of these relief programs, ensure the transparency and accountability are hallmarks of the nations response to this crisis and congresss actions going forward. Thank you for your time this morning. I look forward to working with you and efforts to protect our businesses, expand investment in the nations Small Business. I yield back. The gentleman yields back. I recognize the gentleman from North Carolina. Thank you, madam chairman, fellow Committee Members, thank you for taking the time to hold this hearing today. I wish we were meeting under different circumstances but no one could have anticipated the devastation this virus has caused to the American People especially Small Business owners and their employees, congress came together and reassured Small Business by providing necessary relief to the Paycheck Protection Program. This program is not perfect, it has helped over 39,000 Small Businesses receive 8 billion of relief in North Carolina. As the coronavirus forced congress to stay home i had the opportunity to responsibly visit horn would incorporated which is a specialty textile manufacturer in the largest employer in anderson county, North Carolina. In order to fulfill their civic duty, cordwood has begun the process of manufacturing ppe for frontline workers. When applications first went online, the application received loans due to a snafu in the process they were unable to receive a loan when the funding ran out on april 16th so it is good that congress so Small Businesses can receive this critical funding. The Paycheck Protection Program is an Emergency Program and in my opinion everyone involved is working to ensure Small Businesses survive this crisis but the easiest way to address this concern is safely reopened the economy. My biggest observation is the federal government cannot provide sufficient relief to substitute for free and open economy. This debate is raging in every corner of the nation and i will push for data transparency so leaders at all levels of government can begin to make educated decisions. We are gathered here today to discuss how this committee can work to provide needed relief to Small Businesses. I would like to commend leaders throughout the country and working with the sba to serve as conduits for the Paycheck Protection Program. But dutifully stepped up in this time of need. Better than any Government Agency my time is expired. Thank