With Congress passing a $2.2 trillion stimulus bill to help the economy deal with the coronavirus crisis, U.S. Sen. Marco Rubio, R-Fla., brought out information on how small businesses can use the $377 billion included in the bill for them.
Rubio, the chairman of the U.S. Small Business and Entrepreneurship, released the document covering the Paycheck Protection Program (PPP). This provision was a key part of Rubio’s “Keeping American Workers Paid and Employed Act” which was included in the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.”
“PPP is a nearly $350 billion program to provide eight weeks of cash-flow assistance to small businesses through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers to remain employed and affected small businesses and our economy to quickly snap-back after the crisis,” Rubio’s office noted.
Rubio weighed in on the funds on Saturday.
“My staff and I have been in constant communication with the SBA and are focused on making sure the Paycheck Protection Program is available to small businesses right away through the thousands of approved SBA lenders across the country,” Rubio said. “I am also committed to working with SBA and the Treasury Department so they can swiftly onboard new bank and nonbank lenders into the program. From the start, our primary focus has been to get cash into the hands of small businesses and their employees as quickly as possible.”
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