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Source: United States House of Representatives – Congressman Jason Crow (CO-06)

April 23, 2020

Press Release

Representative Jason Crow (CO-06) today testified in front of the U.S. House Committee on Small Business on the urgent need to continue to support funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) and to hold bad actors who abuse these programs accountable. Crow also highlighted the importance of staying vigilant against cyber attacks at the Small Business Administration. 

 

 

A transcript of Representative Crow’s remarks can be found below and video of his testimony can be found here:

 

Madam Chairwoman, Ranking Member Chabot, thank you for convening this member day session of the Small Business Committee. I am honored to be here and serve beside both of you and all the other members during these unprecedented times.

 

I have heard from hundreds of constituents for whom the paycheck protection program and the EIDL grant and loan programs have been lifelines. But the shortages of these programs have both been well documented so I am pleased that we are voting today to ensure that these programs have the funding they need. I have also heard about how our nation’s chambers of commerce and 501(c)(6) organizations desperately need assistance. Some of my local chambers have been forced to lay off staff, cut hours, and are facing other immense challenges in accomplishing their critical mission. So we have to make sure we are addressing that problem and providing funding to these 501(c)(6) organizations.

 

I’d like to highlight my draft legislation—the Small Business Credit Support Act—which would help business development companies invest more money in more small businesses under the small business investment company program. My bill would increase the amount they can invest in those SBICs. By expanding the SBIC program, we can further incentivize Main Street to help Main Street during these critical times.

 

Also as millions of our businesses apply for and receive assistance from the Small Business Administration, we need to address the cybersecurity needs at the SBA—especially considering recent developments that up to 8,000 EIDL borrowers may have had their personal information exploited from a cyber vulnerability. My bill, the Small Business Cyber Awareness Act, would require the SBA to report these breaches within 180 days and create a better infrastructure framework to move forward and address vulnerabilities.

 

Finally, oversight of important loan and grant programs is one of the most important roles of this committee. We have all been very concerned about recent reports of larger, publicly-traded companies using programs intended for our nation’s small businesses. I look forward to working with all the members of this committee to address any misuse of these relief programs and ensure that transparency and accountability are hallmarks of our nation’s response to this crisis and Congress’ actions going forward.

 

Thank you again for your time this morning. I look forward to working with you on efforts to both protect our businesses and expand investment in our nation’s small businesses.

 

I yield back.

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Source: United States House of Representatives – Congressman Jason Crow (CO-06)

April 23, 2020

Press Release

Representative Jason Crow (CO-06) today testified in front of the U.S. House Committee on Small Business on the urgent need to continue to support funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) and to hold bad actors who abuse these programs accountable. Crow also highlighted the importance of staying vigilant against cyber attacks at the Small Business Administration. 

 

 

A transcript of Representative Crow’s remarks can be found below and video of his testimony can be found here:

 

Madam Chairwoman, Ranking Member Chabot, thank you for convening this member day session of the Small Business Committee. I am honored to be here and serve beside both of you and all the other members during these unprecedented times.

 

I have heard from hundreds of constituents for whom the paycheck protection program and the EIDL grant and loan programs have been lifelines. But the shortages of these programs have both been well documented so I am pleased that we are voting today to ensure that these programs have the funding they need. I have also heard about how our nation’s chambers of commerce and 501(c)(6) organizations desperately need assistance. Some of my local chambers have been forced to lay off staff, cut hours, and are facing other immense challenges in accomplishing their critical mission. So we have to make sure we are addressing that problem and providing funding to these 501(c)(6) organizations.

 

I’d like to highlight my draft legislation—the Small Business Credit Support Act—which would help business development companies invest more money in more small businesses under the small business investment company program. My bill would increase the amount they can invest in those SBICs. By expanding the SBIC program, we can further incentivize Main Street to help Main Street during these critical times.

 

Also as millions of our businesses apply for and receive assistance from the Small Business Administration, we need to address the cybersecurity needs at the SBA—especially considering recent developments that up to 8,000 EIDL borrowers may have had their personal information exploited from a cyber vulnerability. My bill, the Small Business Cyber Awareness Act, would require the SBA to report these breaches within 180 days and create a better infrastructure framework to move forward and address vulnerabilities.

 

Finally, oversight of important loan and grant programs is one of the most important roles of this committee. We have all been very concerned about recent reports of larger, publicly-traded companies using programs intended for our nation’s small businesses. I look forward to working with all the members of this committee to address any misuse of these relief programs and ensure that transparency and accountability are hallmarks of our nation’s response to this crisis and Congress’ actions going forward.

 

Thank you again for your time this morning. I look forward to working with you on efforts to both protect our businesses and expand investment in our nation’s small businesses.

 

I yield back.

###

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