Isabel Guzman, U.S. Small Business Administration (SBA) administrator nominated for U.S. President Joe Biden, takes the oath during a confirmation hearing of the Senate Committee on Small Business and Entrepreneurship in Washington, DC, Wednesday, February 3, 2021.
Bill Leary | Bloomberg | Getty Images
The Senate is scheduled to confirm on Tuesday Isabel Guzman at the head of the small business administration, tasked with helping her drive Main Street beyond the damage caused by Covid-19.
Guzman is now director of the California Office of Small Business Advocate. He has overseen the relief of small businesses for the country’s largest state throughout the pandemic.
Now, she is ready to make the effort across the country as an SBA administrator at a time when small businesses have struggled to keep their doors open. Guzman will oversee the deployment of the Wage Protection Program and other aid initiatives, which have saved companies but been fraught with inefficiency and waste.
“I have every confidence that, under Ms. Guzman’s leadership, the SBA will help small business owners keep their dreams until the economy roars again,” the leader of the majority of the Senate, Chuck Schumer, DN.Y.
Since the passage of the $ 2.2 trillion CARES law last March, the agency has managed the PPP, one of the largest chunks of money in relief that Congress passed. Since its inception, the program has given nearly $ 687 billion in forgivable loans, according to SBA data through March 7. About $ 165 billion in loans have come out this year.
The current window to apply for the grant expires at the end of the month. Bipartisan lawmakers in the House and Senate have proposed a plan to extend the program for two months and give the SBA 30 more days later to pass applications.
Despite unprecedented bailout money, small businesses have struggled to stay in the fleet under economic constraints designed to curb 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 to operate for more than a year under current conditions.
At his Senate confirmation hearing last month, Guzman said he was “deeply committed to helping support our nation’s small businesses and entrepreneurs.”
“They are facing an unprecedented crisis and they need our support to survive,” he said.
Guzman added that he would work to improve equity in the distribution of aid to small businesses, a priority for the Biden administration. Critics of the initial phase of PPP lending last year said the government did not do enough to raise money for businesses and smaller businesses owned by women and people of color.
Guzman became the director of the California Office of Small Business Defense in 2019. She served as deputy chief of staff to the SBA during President Barack Obama’s second term.
The Senate has confirmed 17 of the nominees in the cabinet of President Joe Biden, most recently Deb Haaland as Home Secretary.
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