Isabel Guzman, administrator of the US Small Business Administration (SBA) nominated for US President Joe Biden, took an oath during a confirmation hearing by the Senate Committee on Small Business and Entrepreneurship in Washington, DC, on Wednesday, February 3. 2021.
Bill Leary | Bloomberg | Getty Images
The Senate plans to confirm Isabel Guzman to head the Small Business Administration on Tuesday, putting her in charge of helping to steer Main Street beyond the damage done by Covid-19.
Guzman now serves as director of the California Office of the Small Business Advocate. She oversaw humanitarian aid to small businesses in the country’s largest state during the pandemic.
Now, she is ready to make the effort across the country as an SBA manager at a time when small businesses struggle to keep their doors open. Guzman will oversee the implementation of the Payment Check Protection Program and other aid initiatives, which have saved companies but have been overwhelmed with inefficiency and waste.
“I have full confidence that, under Guzman’s leadership, the SBA will help small business owners maintain their dreams until the economy grows again,” said Senate majority leader Chuck Schumer, DN.Y., on Tuesday.
Since the approval of the $ 2.2 trillion CARES Act last March, the agency has administered the PPP, one of the largest relief grants approved by Congress. Since its inception, the program has provided about $ 687 billion in forgivable loans, according to data from the SBA as of March 7. About $ 165 billion in loans were made this year.
The current window for requesting assistance 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 another 30 days after that to examine applications.
Despite unprecedented aid money, small businesses have struggled to stay afloat under economic restrictions designed to slow the spread of the virus. A CNBC / SurveyMonkey small business survey conducted at the end of January revealed that only 55% of owners believe that their companies can continue to operate for more than a year under current conditions.
At his Senate confirmation hearing last month, Guzman said he is “deeply committed to helping support our country’s small businesses and entrepreneurs”.
“They are facing an unprecedented crisis and they need our support to survive,” she said.
Guzman added that he would work to improve equity in the distribution of aid to small businesses – a priority for the Biden government. Critics of the initial phase of PPP loans last year said the government did not do enough to bring money to smaller businesses and companies owned by women and people of color.
Guzman became director of the California Office of the Small Business Advocate in 2019. She served as SBA’s deputy chief of staff during President Barack Obama’s second term.
The Senate confirmed 17 of the nominees to President Joe Biden’s office, most recently Deb Haaland as secretary of the interior.
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