Small Business Loans and the Coronavirus Pandemic
2020-07-01T22:47:24-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvMTM0XC8yMDIwMDcwMTEwMTk0MjAxMV9oZC5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==The House Small Business Committee held a hearing on the Economic Injury Disaster Loan (EIDL) program, which was created to provide assistance for small businesses during the coronavirus pandemic. James Rivera, associate administrator of the Small Business Administration’s (SBA) Disaster Office, testified that the agency had distributed $147 billion in loans to 6.8 billion small businesses during the pandemic, which he said was more than the total amount of loans dispersed in the 67-year history of the SBA. While acknowledging the scope of disaster relief provided, committee members criticized the agency for long wait times in receiving loans, poor communication with businesses during the loan application process, and a $150,000 cap on loans. Committee Chair Nydia Velazquez (D-NY) during her opening statement also criticized the Senate for passing an extension on the Paycheck Protection Program, saying there was not enough information yet to make a decision on an extension.
The House Small Business Committee held a hearing on the Economic Injury Disaster Loan (EIDL) program, which was created to provide assistan… read more
The House Small Business Committee held a hearing on the Economic Injury Disaster Loan (EIDL) program, which was created to provide assistance for small businesses during the coronavirus pandemic. James Rivera, associate administrator of the Small Business Administration’s (SBA) Disaster Office, testified that the agency had distributed $147 billion in loans to 6.8 billion small businesses during the pandemic, which he said was more than the total amount of loans dispersed in the 67-year history of the SBA. While acknowledging the scope of disaster relief provided, committee members criticized the agency for long wait times in receiving loans, poor communication with businesses during the loan application process, and a $150,000 cap on loans. Committee Chair Nydia Velazquez (D-NY) during her opening statement also criticized the Senate for passing an extension on the Paycheck Protection Program, saying there was not enough information yet to make a decision on an extension. close
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People in this video
- Troy Balderson U.S. Representative [R] Ohio
- Tim Burchett U.S. Representative [R] Tennessee
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- Jason A. Crow U.S. Representative [D] Colorado
- Antonio Delgado U.S. Representative [D] New York
- Adriano D. Espaillat U.S. Representative [D] New York
- Abby Finkenauer U.S. Representative [D] Iowa
- Jared Golden U.S. Representative [D] Maine
- Chrissy Houlahan U.S. Representative [D] Pennsylvania
- John Joyce U.S. Representative [R] Pennsylvania
- Andy Kim U.S. Representative [D] New Jersey
- Kweisi Mfume U.S. Representative [D] Maryland
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James Rivera Associate Administrator U.S. Small Business Administration->Office of Disaster Assistance
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