Paycheck Protection Program: An Examination of Loan Forgiveness, SBA Legacy Systems, and Inaccurate Data

Paycheck Protection Program: An Examination of Loan Forgiveness, SBA Legacy Systems, and Inaccurate Data,  Thursday, September 24, 2020 @ 10:00

The Committee on Small Business Subcommittee on Innovation and Workforce Development will hold a hybrid hearing entitled “Paycheck Protection Program: An Examination of Loan Forgiveness, SBA Legacy Systems, and Inaccurate Data.” The hearing is scheduled to begin at 10:00 AM (EST) on Thursday, September 24, 2020 and will take place in room 2360 of the Rayburn House Office Building. Members who wish to participate remotely may do so via Cisco WebEx, information to be provided separately.

The SBA launched the Paycheck Protection Program (PPP) to provide an incentive for small businesses to keep their workers on the payroll. However, SBA’s legacy technology systems were not fully equipped to handle the unprecedented level of applicants, resulting in a number of technical issues with the implementation. Members of the Committee will have an opportunity to address these issues and the related concerns about the accuracy of the recently released PPP data, as well as learn more about SBA’s new system for PPP f orgiveness. 

To view a livestream of the hearing, please click here. 

The Quarterly CARES Act Report to Congress

DATE:   Thursday, September 24, 2020TIME:  10:00 AM LOCATION:  Dirksen Senate Office Building 106

THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION, HYBRID FORMAT to conduct a hearing entitled “The Quarterly CARES Act Report to Congress.” The witnesses will be: The Honorable Steven T. Mnuchin, Secretary, Department of the Treasury; and The Honorable Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System.

Pursuant to guidance from the CDC and OAP, Senate office buildings are not open to the public other than official business visitors and credentialed press at this time. Accordingly, in-person visitors cannot be accommodated at this hearing. We encourage the public to utilize the Committee’s livestream of the hearing, available on the website at http://www.banking.senate.gov.

All hearings are webcast live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.