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.