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.

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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 637 Introduced in House (IH)]

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117th CONGRESS
  1st Session
H. RES. 637

 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.


_______________________________________________________________________


                    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
    Resolved, 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.
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