CRS Details SBA Efforts to Support Small Businesses during COVID-19

In a new report, the Congressional Research Service ("CRS") provided an overview of SBA programs, reviewed the history of small business legislation after the 2007-2009 recession, and described recent legislation in response to COVID-19.

The CRS provided summaries of the Coronavirus Preparedness and Response Supplemental Appropriations Act; the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"); the Paycheck Protection Program (PPP) and Health Care Enhancement Act; the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act); and the Paycheck Protection Program Flexibility Act.

The CRS concluded, among other things, that (i) additional funding for the SBA’s Office of Inspector General and the Government Accountability Office would be beneficial, and (ii) "requiring the SBA to report regularly on its implementation of the CARES Act could also promote transparency and assist Congress in performing its oversight responsibilities."