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Testimony on Loan Forgiveness and Other Challenges of the Paycheck Protection Program

June 17, 2020
Consumer Finance
Testimony

On June 17, 2020, Ashley Harrington testified before the House Small Business Committee. This written testimony focuses on:

  • Presenting an overview of the disproportionate economic impacts of the COVID-19 health crisis.
  • Discussing issues with the structure and implementation of the PPP and how they served to limit access for the smallest businesses and businesses owned by people of color.
  • Highlighting the challenges posed by the current requirements to access PPP forgiveness.
  • Providing policy recommendations to ensure 1) the remaining PPP funds reach the smallest businesses and businesses owned by people of color; 2) the forgiveness process is streamlined and workable for the smallest businesses and their lenders; and 3) equitable small business relief, beyond the PPP, is available as we enter the recovery period.