Finkenauer Calls for More Transparency and Oversight of the Paycheck Protection Program in Video Roundtable with Waterloo-area Small Business Owners
WASHINGTON, DC – Today, Congresswoman Abby Finkenauer (IA-01) on Friday brought together via video conference small business owners and financial institutions from the Waterloo area to discuss federal assistance for Main Street businesses during the COVID-19 crisis.
During the meeting, Finkenauer pledged to take additional legislative steps to ensure the Paycheck Protection Program (PPP) better serves truly small businesses in places like Waterloo — not big corporations and national chains.
The PPP is the federal government’s main program for supporting small businesses through the COVID-19 pandemic and resulting economic disruption. Although the program is reaching many deserving small businesses, there have been reports of large, national corporations receiving funding as well.
Finkenauer is now planning legislation to 1) ensure adequate public oversight of PPP funds by requiring the Small Business Administration to release key information about loans; and 2) ensure we recoup PPP funds from entities that do not meet the program’s objectives and reinvest that money in small businesses.
"The Paycheck Protection Program is a lifeline for our small and Main Street businesses — and has already helped keep many Iowa businesses open and employees on the payroll,"Congresswoman Finkenauer said. “But we need true transparency and oversight power to ensure these funds reach the folks who truly need it. That’s a top priority for me, and something I’ll be fighting for in the days and weeks ahead."
"This is an unprecedented time and there are a lot of unknowns ahead. But we know we must protect our small businesses and keep workers on payrolls until we can’t get back to normal,"Finkenauer said. “I’m taking every opportunity I can to hear from Iowans about what they’re seeing and what they need to weather this crisis."
During the meeting, Finkenauer heard from business owners and banks about what has worked with federal aid for small businesses, and what can be improved upon. Finkenauer also heard concerns that minority-owned small businesses are having a harder time securing federal aid, especially aid that is approved by banks.
Participants in the video roundtable included:
- Rodney Anderson, All-In Grocers
- Helen Redding, Ari’z
- Jesse Gleason, Farmers State Bank
Finkenauer voted for and helped pass the CARES Act, which established the Paycheck Protection Program to provide forgivable loans to small businesses that keep employees on the payroll. Last month, Finkenauer voted to add additional money to the program and set aside $60 billion for community lenders who serve Main Street businesses in smaller communities.
Finkenauer is a member of the House Small Business Committee and is the chairwoman of the Rural, Agriculture, Trade, and Entrepreneurship (RATE) Subcommittee . With those positions, she has advocated for improvements to, and oversight of, the Paycheck Protection Program which includes ensuring more money reaches the small businesses.
Congresswoman Finkenauer’s Ongoing Response Efforts:
On May 8, Finkenauer announced nearly $1 million in additional grants for COVID-19 testing at three community health centers in the First District.
On May 6, Finkenauer announced $8.1 million in grants for transit services in the City of Cedar Rapids as part of the CARES Act Coronavirus relief package.
On May 1, Finkenauer, U.S. Reps. Dave Loebsack (IA-02), and Cindy Axne (IA-03) sent a letter to President Donald Trump asking for the president to partner in safely reopening meat processing plants in Iowa by utilizing the Defense Production Act (DPA) to produce the needed Personal Protective Equipment (PPE) for workers, just as he has done to order the opening of the plants.
On April 29, Finkenauer met, via video conference, with letters carriers who serve Iowa’s First Congressional District. Finkenauer provided an update on potential aid amid the COVID-19 crisis, expressed her commitment to ensuring letter carriers have the resources they need to continue to serve during the crisis, and heard about potential areas where the federal government could assist employees.
On April 23, Finkenauer voted to help pass additional funding for the Paycheck Protection Program, hospitals and healthcare providers, and increased funding for COVID-19 testing.
On April 21, Finkenauer helped introduce the COVID-19 Every Worker Protection Act to increase safety standards for essential workers and at-risk employees during the COVID-19 pandemic. The bill was introduced amid concerns over rising COVID-19 infections and reports of inadequate protections for employees at some Iowa meat processing plants.
On April 20, Finkenauer sent a letter to Federal Trade Commission Chairman Joseph Simons urging the FTC to delay no further in investigating ongoing concerns about out-of-state investors and corporations buying mobile and manufactured home communities in Iowa and taking advantage of their residents with unfair business practices. This issue has been a top concern in Iowa for months, and become more pressing amid the COVID-19 pandemic.
On April 17, Finkenauer sent letters to three federal agencies asking for enforceable safety standards, COVID-19 testing, and personal protective equipment (PPE) for employees at meat processing plants in Iowa. Finkenauer sent oversight letters to the U.S. Department of Agriculture (USDA), Department of Labor (DOL), and the Centers for Disease Control (CDC) to highlight the urgency of the situation facing hard-working Iowans at these plants, and request immediate assistance. USDA and the CDC later took steps complying with Finkenauer’s request.
On April 15, Finkenauer helped lead more than 40 Representatives and Senators in writing a letter to U.S. Citizenship and Immigration Services Acting Director Ken Cuccinelli expressing concern that regulations for visa programs are standing in the way of the strongest possible medical response to COVID-19.
On April 13, Finkenauer led a bipartisan letter addressed to Jovita Carranza, Administrator of the U.S. Small Business Association, expressing concern that there is no longer a full-time Director for the Office of Rural Affairs and urging the SBA to provide the Office of Rural Affairs with the necessary staff and resources to ensure that rural small businesses are able to survive the COVID-19 pandemic.
On April 9, Finkenauer held telephone-town hall to discuss mental health impacts and resources around coronavirus.
On April 9, Finkenauer sent a letter to HHS Secretary Azar asking for information about how the $100 billion in the CARES Act for hospitals and health care providers will distributed, including information on Iowa’s share of the funding.
On April 2, Finkenuer sent letters to 11 federal agencies seeking updates on aid programs authorized by recent legislation to address the COVID-19 crisis.
On March 27, Finkenauer sent a letter to Iowa Governor Kim Reynolds urging her to issue a statewide ‘stay-at-home’ order.
On March 27, Finkenauer voted for the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) an emergency aid package to help hospitals, frontline workers, and working families across Iowa and the country.
On March 26, held a telephone town hall for constituents in the First Congressional District. Business and workforce leaders from around the district answered questions about personal financial impacts of coronavirus response.
On March 25, Finkenauer released her priorities she pushed to have included in the third coronavirus response supplemental - Preparing Iowa Communities & Protecting our Families.
On March 19, Finkenauer held a telephone town hall for constituents in the First Congressional District. Health officials from Black Hawk and Linn counties participated and answered questions, as well as the liaison for Dubuque City and County Emergency Health Response Team.
Finkenauer also sent a letter to federal health officials on March 19, urging them to ensure Iowa medical professionals have the necessary protective equipment to treat patients.
Finkenauer joined a call for President Trump to use his authority under the Defense Production Act of 1950 to increase production of necessary medical supplies. On March 18, President Trump announced he would use the authority to avoid supply shortages.
On March 17, Finkenauer reached out to community leaders in Iowa asking for their concerns, priorities and more info on how the outbreak is affected local economies.
On March 15, Finkenauer sent a letter to Governor Kim Reynolds encouraging the state to create a more centralized location for key information, including consideration of school closures.
Finkenauer voted to pass an emergency package to help Iowa families and health professionals impacted by coronavirus on March 14.
Taking early action, Finkenauer voted to approve a critical coronavirus funding package to help expand testing and research. Finkenauer also sent an oversight letter to the Health and Human Services Secretary Alex Azar seeking specific answers on whether local health agencies and hospitals have the tools they need.
On March 13, Finkenauer helped host a Small Business Committee hearing on Coronavirus and asked a witness about health and safety, and financial security for hard-working Iowans impacted by coronavirus.
Finkenauer followed up that hearing with an oversight letter asking the Small Business Administration (SBA) about their progress on providing information on small business assistance to Iowans along with what methods they will be doing outreach to Iowa businesses. Later that day, the SBA posted this information webpage.
Finkenauer also published a coronavirus informational page to help Iowans access important information regarding the global pandemic. The page is available at https://finkenauer.house.gov/coronavirus-information
Finkenauer’s office has been in contact with area hospitals, business organizations, schools and colleges with respect to the virus to understand any ongoing concerns. Finkenauer has also spoken with Governor Kim Reynolds for an update on Iowa’s response to coronavirus.