Lawmakers discuss impact of PPP with SBA, Treasury
The House Small Business Oversight Subcommittee Friday held a hearing with Small Business Administration (SBA) Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin, which focused on the impact of the paycheck protection program (PPP) in helping small businesses hardest hit by the coronavirus pandemic.
The hearing also covered other pandemic programs offered by the agencies, such as the economic injury disaster loans (EIDLs).
Ahead of the hearing, NAFCU reiterated its call to simplify the PPP forgiveness process and urged lawmakers to support bipartisan legislation – the Paycheck Protection Small Business Forgiveness Act – that would ease the forgiveness process for loans under $150,000.
Mnuchin, responding to a question from House Small Business Committee Ranking Member Steve Chabot, R-Ohio, said he is open to blanket forgiveness for smaller loans, so long as there are appropriate measures in place to still investigate fraud.
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