Paycheck Protection Program: Loan Forgiveness and Other Challenges, Hearing Before the Committee on Small Business, United States House of Representatives, One Hundred Sixteenth Congress, Second Session, June 17, 2020   [open pdf - 6MB]

This is the June 17, 2020 hearing "Paycheck Protection Program: Loan Forgiveness and Other Challenges" held before the House Committee on Small Business. From the opening statement of Nydia M. Velazquez: "Over the last few months, the outbreak of COVID-19 [coronavirus disease 2019] has led to an unprecedented public health crisis. Congress took swift steps to address both, but, today, we will be focusing on the Paycheck Protection Program, created by the CARES [Coronavirus Aid, Relief, and Economic Security] Act. The Paycheck Protection Program [PPP] is a subprogram of the 7(a) loan guarantee program, and began with almost $350 billion for fully guaranteed forgivable loans designed to meet payroll costs and other business expenses. The goal of the program is to save as many small business jobs as possible, as quickly as possible. [...] However, given the size and scope of PPP and the speed with which it was stood up, implementation was bound to be less than perfect. As Members of the Small Business Committee, we are tasked with assessing areas for improvements in all of SBA's [Small Business Administration] programs, and the first run of Paycheck Protection Program funding exposed some of those areas." Statements, letters, and materials submitted for the record include those of the following: Melissa Kelly, Eduardo Sosa, Ashley Harrington, and Rich Coleman.

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