Rubio Releases FAQ Document on the Paycheck Protection Program for Small Businesses

Statement

U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, released a FAQ document in English and in Spanish detailing how small business owners can take advantage of the new Paycheck Protection Program (PPP), a key provision of Rubio's bipartisan Keeping American Workers Paid and Employed Act that was signed into law as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Small businesses and lenders can submit questions to PPPquestions@sbc.senate.gov.

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.

"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," Chairman 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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