Cardin to Convene Hearing to Examine SBA’s Implementation of COVID-19 Relief Programs

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Cardin to Convene Hearing to Examine SBA’s Implementation of COVID-19 Relief Programs
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TODAY @ 2:30PM – Cardin to Convene Hearing to Examine SBA’s Implementation of COVID-19 Relief Programs

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SBA Has Delivered More Than $900 Billion in COVID-19 Relief to Small Businesses Through Loans, Grants, and Debt Relief

Oversight of SBA’s COVID-19 Relief Programs

(Washington, DC) — Today, Wednesday, March 24 at 2:30pm, U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) will convene a hearing titled, “Oversight of SBA’s COVID-19 Relief Programs,” to examine the U.S. Small Business Administration’s (SBA’s) implementation of its COVID-19 relief programs, including the Economic Injury Disaster Loan Program (EIDL), Paycheck Protection Program (PPP), targeted EIDL Advance Grant Program, the Small Business Debt Relief Program, the Shuttered Venue Operators Grant Program (SVOG), the Community Navigators Program, and the new grant program for restaurants and bars created by the American Rescue Plan.

The committee will hear testimony from SBA Associate Administrator for the Office of Capital Access Patrick Kelley, SBA Associate Administrator for the Office of Disaster Assistance James Rivera, SBA Inspector General Hannibal “Mike” Ware, and Government Accountability Office Director, Financial Markets and Community Investment William B. Shear. The hearing will be in 215 Dirksen Senate Office Building and can be livestreamed on the committee’s website here.

The hearing comes as Cardin pushes for Senate passage of the bipartisan PPP Extension Act—legislation he introduced with Senators Susan Collins (R-Maine) and Jeanne Shaheen (D-N.H.) to extend PPP two months beyond its March 31 deadline to May 31 and give SBA an additional month, until June 30, to process any backlog of loan applications. The bill passed the House of Representatives by a 415-3 vote on March 16.

In total, SBA has provided more than $900 billion in aid to small businesses through its COVID-19 relief programs.

Approval Of PPP Loans Worth More Than $715 Billion

SBA has approved 8.2 million PPP loans worth more than $715 billion. Last year, the agency approved nearly 5.2 million PPP loans worth more than $525 billion, and since the program restarted in January of this year following passage of the bipartisan Economic Aid Act in December, SBA has approved 3.1 million loans worth more than $196 billion. 2021 PPP loan data indicate that the improvements included in the Economic Aid Act, as well as the PPP changes announced by the Biden Administration last month, have helped more smaller, vulnerable borrowers access the program. SBA has also approved more than 3.7 million EIDL loans valued at more than $200 billion.

On March 19, SBA announced that SVOG will begin accepting applications on Thursday, April 8. SVOG was created by the bipartisan Economic Aid Act passed by Congress in December, and will make grants to eligible live venues, independent movie theaters, and other cultural institutions that can demonstrate a revenue loss of 25 percent to address the economic effects of the COVID-19 pandemic. The program was appropriated $15 billion when it was created in December, and was appropriated an additional $1.25 billion by the historic American Rescue Plan enacted on March 11.

In the coming weeks, SBA will also begin implementing the $28.6 billion restaurants grant program created by the American Rescue Plan, which will provide grants worth up to $10 million grants to restaurants and bars, in addition to the Community Navigator Pilot Program, which will provide free counseling about federal, state, local, and Tribal COVID-19 relief programs to the current or prospective owners of eligible small businesses.

The hearing will follow guidelines developed in consultation with the Office of the Attending Physician (OAP), the Senate Sergeant at Arms, and the Senate Rules Committee to protect the health of Members, witnesses, staff and the public. This includes maintaining six-foot social distance spacing in the hearing room.

What: Senate Small Business Committee hearing titled, “Oversight of SBA’s COVID-19 Relief Programs”

When: Today, Wednesday, March 24 at 2:30pm

Where: 215 Dirksen Senate Office Building

Watch: Here

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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