Latest Small Business Survey Highlights Need for Restarting the Paycheck Protection Program

WASHINGTON – According to a National Federation of Independent Business (NFIB) survey released earlier this week, entrepreneurs and small business owners continue to face uncertain futures. While 17 percent of respondents are exceeding their pre-crisis sales volume, many expressed the need for more help: 22 percent of Paycheck Protection Program (PPP) borrowers anticipate layoffs in the next six months. Nearly half of respondents anticipate needing additional financial support over the next year. 44 percent of owners would apply to the PPP for ... [...]

Ranking Member Chabot’s Statement on NFIB September 2020 Jobs Report

Today, House Committee on Small Business Ranking Member Steve Chabot (R-OH) issued the following statement on the National Federation of Independent Business (NFIB) monthly jobs report for September 2020: “Despite immense challenges, our nation’s small businesses continue to recover and rebuild. According to the NFIB’s September jobs report, more are reporting that they are creating jobs and raising wages. While this news is promising, the work of Congress is not done. Too many small businesses are still struggling, especially where public heal... [...]

SBA OIG and GAO Officials Testify on Oversight of PPP and EIDL Programs

WASHINGTON – Today, the House Committee on Small Business Subcommittee on Investigations, Oversight, and Regulations heard from officials from the Small Business Administration (SBA) Office of the Inspector General (OIG) and the United States Government Accountability Office (GAO) on oversight reports from the SBA OIG and GAO covering the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program. “To combat the economic impact of the Coronavirus pandemic, this Committee has worked to create and optimize economic relief ... [...]

Food System Small Businesses Share Challenges, Pivots in Response to COVID-19

WASHINGTON – Today, the House Committee on Small Business heard from small business owners and other witnesses on the impact of COVID-19 on the nation’s food system. “America’s food system has been hit particularly hard: our favorite restaurants were closed; meat sections were low at grocery stores; and many essentials were sold out. …Our nation’s food system is typically geared to meet commercial demand, from restaurants, buffets, and cafeterias, more than retail demand from grocery stores. When our food demand flipped from eating out to cooki... [...]

Ranking Member Hern’s Opening Statement at Subcommittee Hearing on PPP Forgiveness

WASHINGTON – Today, the House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access heard from witnesses on the loan forgiveness process for the Small Business Administration’s Paycheck Protection Program. Below are the remarks of Ranking Member Kevin Hern (R-OK) as prepared for delivery: Thank you, Mr. Chairman, and thank you for holding this important and timely hearing. Small businesses across this nation, from my state of Oklahoma to the Chairman’s district in New Jersey, have been disproportionately devastate... [...]