Isabel Guzman, administrator of the U.S. Small Business Administration (SBA) nominated for U.S. President Joe Biden, will be sworn in during a confirmation hearing by the Senate for Small Business and Enterprise in Washington, DC, on Wednesday, February 3, 2021.
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The Senate plans to confirm Isabel Guzman to the head of the Small Business Administration on Tuesday and put her in charge to help lead the main street beyond the damage Covid-19 caused.
Guzman now serves as director of California’s Office of the Small Business Advocate. Throughout the pandemic, she oversaw relief for small businesses for the country in the country.
Now she will use the country as an SBA administrator nationwide at a time when small businesses have struggled to keep their doors open. Guzman will oversee the deployment of the Paycheck protection program and other aid initiatives, which have saved companies but are riddled with inefficiency and waste.
“I have full confidence that the SBA, under the leadership of Mr Guzman, will help keep small business owners from holding onto their dreams until the economy roars again,” Senate Majority Leader Chuck Schumer, DN.Y., said earlier Tuesday.
Since approving the $ 2.2 billion CARES law in March last year, the agency has managed the PPP, one of the largest pieces of aid money approved by Congress. Since the program, the program has provided about $ 687 billion in forgiving loans, according to SBA data through March 7th. About $ 165 billion in loans went out this year.
The current window for applying for help expires at the end of the month. Dual lawmakers in the House and Senate have proposed a plan to extend the program by two months and give the SBA another 30 days to apply.
Despite the unprecedented aid money, small businesses have struggled to stay afloat under economic constraints trying to slow the spread of the virus. A CNBC / SurveyMonkey small business survey conducted in late January found that only 55% of homeowners believe their businesses can continue for more than a year under current conditions.
In her Senate confirmation hearing last month, Guzman said she was “very committed to supporting the country’s small businesses and entrepreneurs.”
“They are facing an unprecedented crisis and need our support to survive,” she said.
Guzman added that she would work to improve equity in the distribution of small business aid – a priority for the Biden government. Critics of the initial phase of PPP lending last year said the government had not done enough to raise money for the smallest businesses and businesses owned by women and people of color.
Guzman will become director of the Small Business Advocate’s California office in 2019. She serves as deputy chief of staff at the SBA during President Barack Obama’s second term.
The Senate has confirmed 17 of the nominees of President Joe Biden, who recently nominated Deb Haaland as Home Secretary.
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