Hearing: An Empirical Review of the Paycheck Protection Program

Subcommittee on Oversight, Investigations, and Regulations (Committee on Small Business)

Wednesday, March 16, 2022 (10:00 AM)

2360 RHOB
Washington, D.C.
The Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations will hold a hybrid hearing titled: “An Empirical Review of the Paycheck Protection Program.” The hearing is scheduled to begin at 10:00 A.M. on Wednesday, March 16, 2022 in Room 2360 of the Rayburn House Office Building. Participating members can also join remotely via Zoom. To help small businesses retain employees and sustain operations during the early stages of the COVID-19 pandemic, Congress created the Paycheck Protection Program (PPP), a new forgivable loan guarantee program within the U.S. Small Business Administration (SBA) that delivered almost $800 billion in capital to small businesses. In the two years since its creation, researchers have reviewed and analyzed the loan data to assess the program’s effectiveness in preserving jobs and reaching underserved small business owners. Though the program is still in the forgiveness phase, much of the empirical research shows the program effectively helped save millions of jobs but failed to reach the smallest of businesses early enough to be maximally effective. This hearing will allow Members to hear from government and academic researchers about their findings on the effectiveness of the PPP and lessons learned about the distribution of loan funds.

Witnesses

Panel one

Mr. William Shear
Director, Financial Markets and Community Investment, United States Government Accountability Office, Washington, DC

Added 03/09/2022 at 09:54 AM
  • Witness Statement [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Biography [PDF] Added 03/16/2022 at 12:14 PM

Panel two

Dr. Robert W. Fairlie
Professor of Economics, University of California, Santa Cruz, Santa Cruz, CA

Added 03/09/2022 at 09:54 AM
  • Witness Statement [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Truth in Testimony [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Biography [PDF] Added 03/16/2022 at 12:14 PM

Dr. Manju Puri
J. B. Fuqua Professor of Finance, Duke University Fuqua School of Business, Durham, NC

Added 03/09/2022 at 09:54 AM
  • Witness Statement [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Truth in Testimony [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Biography [PDF] Added 03/16/2022 at 12:14 PM

Dr. Iryna Demko
Research Associate at the Center for Economic Development, Maxine Goodman Levin College of Urban Affairs, Cleveland State University, Cleveland, OH

Added 03/09/2022 at 09:54 AM
  • Witness Statement [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Truth in Testimony [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Biography [PDF] Added 03/16/2022 at 12:14 PM

Mr. Robert Barnes
President and Chief Executive Officer, PriorityOne Bank, North Magee, MS, on behalf of the Independent Community Bankers of America

Added 03/10/2022 at 10:13 AM
  • Witness Statement [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Truth in Testimony [PDF] Added 03/16/2022 at 12:14 PM
  • Witness Biography [PDF] Added 03/16/2022 at 12:14 PM

Hearing Record

  • Hearing Notice [PDF]
  • Hearing: Witness List [PDF]

First Published: March 9, 2022 at 09:15 AM
Last Updated: March 16, 2022 at 12:14 PM


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