Expressing the sense of Congress that financial institutions provided copious and necessary assistance as an intermediary between the Small Business Administration and affected businesses during the COVID-19 pandemic.

Bill: 117-hres-637
Sponsor: full_name: Rep. Keller, Fred [R-PA-12]
Introduced: 2021-09-14
Policy area: Commerce
Subjects: Business expenses

Cardiovascular and respiratory health

Credit and credit markets

Economic performance and conditions

Emergency medical services and trauma care

Government lending and loan guarantees

Infectious and parasitic diseases

Small business

Wages and earnings
Latest action: action_date: 2021-09-14
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2021-09-14
action_desc: Introduced in House
text: <p>This resolution finds that the Paycheck Protection Program and the collaboration of the Small Business Administration, the Department of the Treasury, and private financial institutions kept millions of businesses open throughout the COVID-19 pandemic.</p>

tv_txt: IV 117th CONGRESS 1st Session H. RES. 637 IN THE HOUSE OF REPRESENTATIVES September 14, 2021 Mr. Keller submitted the following resolution; which was referred to the Committee on Small Business RESOLUTION Expressing the sense of Congress that financial institutions provided copious and necessary assistance as an intermediary between the Small Business Administration and affected businesses during the COVID–19 pandemic.

Whereas, between April 3, 2020, and May 31, 2021, 5,467 financial institutions distributed 11,823,594 loans totaling $799,832,866,520 through the Paycheck Protection Program of the Small Business Administration; Whereas, through public-private collaboration, essential emergency funding kept the most at-risk businesses afloat during unprecedented and unpredictable economic activity; and Whereas, between March 27, 2020, and August 8, 2020, lenders of all sizes played a significant role, and those with less than $10,000,000,000 in assets played an outsized role in facilitating the survival of small businesses and the jobs they support, and this group of 5,338 lenders facilitated 2,745,204 loans totaling $233,776,205,568 and distributed 45 percent of funding made available through the CARES Act ( Public Law 116–136 ) during this period: Now, therefore, be it

That the House of Representatives finds that the Paycheck Protection Program and the collaboration of the Small Business Administration, the Department of the Treasury, and private financial institutions kept millions of businesses open throughout the economic fallout resulting from the COVID–19 pandemic.