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Small Business Administration Examined By Senate Committee

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The Senate's Small Business Committee held a hearing Thursday to take a closer look at the work being done by the Small Business Administration.

The agency says it's currently processing low-interest disaster loans in 10 days and lawmakers want to make sure that process doesn't slow down.

The SBA has received about 4,000 loan applications so far from residents of New York and New Jersey, but has only sent out 21 checks.

"My eyes are on the results, not the process, not how many people we have in the field, not how many offices we have open," Sen. Mary Landrieu (D-La.), chair of the Small Business Committee, said.

A new report suggests Hurricane Sandy did not actually hurt overall small business profits in November.

MasterCard Advisors and Wells Fargo say U.S. shoppers spent 5.2 percent more at small retailers than they did a year ago.

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