ABSTRACT

What Comes Next? PPP Forgiveness, Hearing Before the Committee on Small Business, United States House of Representatives, One Hundred Seventeenth Congress, First Session, September 1, 2021   [open pdf - 24MB]

This is the September 1, 2021 hearing on: "What Comes Next? PPP Forgiveness," Hearing Before the U.S. House Committee on Small Business. From the opening statement of Nydia M. Velazquez: "Seventeen months ago, during the early days of the COVID crisis, this committee and our counterparts in the Senate worked together to create emergency relief programs to assist small businesses. [...] Recognizing the dire nature of this situation, Congress created the Paycheck Protection Program. The PPP was an unprecedented government effort that sought to distribute hundreds of billions of dollars to entrepreneurs so they could keep their lights on and pay their employees. Over the course of the past year, Congress replenished the funds multiple times and made critical improvements to make the program more equitable for the smallest of small businesses and the underserved. [...] With conditions improving from the loss of the pandemic, it is vital that this committee turn to what may be the most important part of the program, the federal government's promise that this loan can be forgiven and converted into grants. PPP guidelines stipulated that SBA should forgive loans if small businesses spent funds on meeting payroll costs and other related expenses. [...] I look forward to discussing how the SBA is working to make PPP forgiveness as simple as possible and examining solutions to maximize total loan forgiveness, especially for small dollar borrowers." Statements, letters, and materials submitted for the record include those of the following: Tracy C. Ward, Leslie Payne, Marla Bilonick, and Robert Fisher.

Report Number:
H. Rept. 117-030; House Report 117-030
Publisher:
Date:
2021
Copyright:
Public Domain
Retrieved From:
U. S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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