Congressman Kim Testifies Before House Small Business Committee, Calls for Fixes to Small Business Relief Program

April 23, 2020
Press Release

Congressman Kim Testifies Before House Small Business Committee, Calls for Fixes to Small Business Relief Program
 

WASHINGTON, DC – Today, Congressman Andy Kim (NJ-03) testified before the House Committee on Small Business where he called for fixes to the programs passed to help small businesses during the Coronavirus crisis. 

“If you’re a small business owner who has received this help, it’s been a life saver – but we need to be clear: the Paycheck Protection Program has been deeply flawed and does not provide the long-term solutions or certainty our small business owners deserve,” said Congressman Kim in his remarks. “From day one, we have seen the Paycheck Protection Program fail our small business owners…All of these things need to be fixed, and they need to be fixed now.”

A video of the Congressman's remarks can be found here, and a full transcript of the Congressman’s remarks can be found below:

I want to thank the Chairwoman for this opportunity to talk about the critical issues our small business owners, and the millions across our country who depend on small businesses for their livelihoods, face during this crisis.

Every day, my staff and I talk with small business owners in my district who have either had to close their doors or are close to doing so.

We talk with neighbors fighting to get on unemployment, hoping the money in their account is enough to pay the next mortgage or rent check – hoping they can keep food on the table.

Later today, we will pass a bill to provide additional relief to those same people I hear from.

All told, we will have set aside two thirds of a trillion dollars aimed to help small business owners keep people on payroll and keep their doors open.

If you’re a small business owner who has received this help, it’s been a life saver – but we need to be clear: the Paycheck Protection Program has been flawed and does not provide the long-term solutions or certainty our small business owners deserve.

From day one, we have seen the Paycheck Protection Program fail our small business owners.

We’ve seen inconsistent and unclear rules that have made it difficult for lenders to get online and small businesses to get the support they need.

We’ve seen small businesses, who want to do the right thing, struggle to meet stringent eligibility and program requirements, including the unnecessary 75/25 formula and exclusion of many local non-profits and associations at the front lines of this crisis. This simply doesn’t work for small sectors and in some parts of the country.

We’ve seen money go to big businesses disguised as small ones, while mom and pop shops on Main Street wait for Congress to add more money to the pot.

All of these things need to be fixed, and they need to be fixed now.

Even if we fix the problems with the Paycheck Protection Program and fully fund it for months to come, it won’t solve the real that we face; that we have to get our country moving forward.

We have to stand up a national testing program to do so.

I urge all of us to work together to make sure that happens. That we test those so we know who is sick and who is healthy so we can open up our economy again.

Thank you, and I yield back.

Additional information about Congressman Kim’s actions to contain the Coronavirus pandemic and address the ongoing economic impact can be found on his website by clicking here.

Congressman Kim is a member of the House Committee on Small Business where he serves as the Chairman of the Subcommittee on Economic Growth, Tax and Capital Access. More information about Congressman Kim can be found on his website by clicking here.

 

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