Florida Senator Marco Rubio Outlines Economic Recovery Plan for Small Businesses

Florida Senator Marco Rubio Outlines Economic Recovery Plan for Small Businesses

On March 19th, Florida Senator Marco Rubio tweeted out the possible components of a economic recovery program being crafted by federal officials to help businesses impacted by the COVID-19 virus.

The key components include forgiveable loans, a process handled by banks in the community, to be inclusive when defining “small business” and to move as quick as possible.

The information, copied from Senator Rubio’s twitter account, is provided below.

  • What we are discussing are FORGIVEABLE Loans. Whatever they take out from this assistance program & use for payroll & business and rent/lease/mortgage will NOT have to be repaid. Limit on what they get will be some multiple of their payroll/expenses before the crisis hit.
  • This is NOT some traditional SBA direct loan or program. We are using many of the guidelines & infrastructure of the 7(a) program but they will NOT be calling a government agency for this help. It will be handled by a bank,credit union or other lender in their community.
  • Existing 7(a) lenders ready to go right away. But everyone agrees that the list lenders involved needs to be expanded rapidly & we create a process to do that. The ideal outcome is for small businesses to be able to do all this with their own bank if they want
  • The criteria for what qualifies as a small business is still being worked out. BUT, lots of agreement that it needs to be more inclusive than current definition. The goal is to reach the largest % of Americans workers as possible. And I feel confident we can achieve this.
  • This will NOT exclude any industry. It WILL apply to s corp, C Corp, non-profits, partnerships, sole practitioners, etc. who meet the expanded criteria for small business. Again the goal is to be inclusive not exclusive.
  • Worked all night trying to finalize so bear with us on all details until finalized. But goal is straightforward: Get cash to small business are fast & easy as possible so they don’t have to lay people off & if they use it for that purpose doesn’t have to be paid back .

7 Responses to "Florida Senator Marco Rubio Outlines Economic Recovery Plan for Small Businesses"

  1. Avatar
    Larry Wolfe   March 19, 2020 at 4:14 pm

    Sounds good. more details would be great!

    Reply
  2. Avatar
    Anon   March 19, 2020 at 10:02 pm

    This is epic. The last time this happened, the Big Banks got all the money, they recovered, amd we had to wait til November 2016 for recovery. Now, the bailout goes straight to the citizens from the banks, and some of it not to be repaid.

    Last Sunday, the Federal Reserve lifted all reserve requirements for banks at the same time they lowered rates to 0.25%. They either knew the plan, or learned real quick.

    Even Ray Charles can see the writing on the wall. The Federal System is over. By plan. For our benefit.

    Constitutionally, Money is to be regulated by Treasury, not some privately-owned, quasi-governmental entity.

    Hope you bought precious metals, because when this Storm blows over, China will be repaid, in full, what they are owed, with worthless Federal Reserve Notes.

    America will once again enjoy Sound Money.

    Reply
  3. Avatar
    Diane   March 20, 2020 at 10:53 am

    This is fantastic news. When will this be implemented and how do small businesses apply for the relief?

    Reply
  4. Avatar
    Edward Lyle   March 22, 2020 at 9:15 am

    I believe we will indeed recover quickly as a result of two primary factors. One is the strength of a strong leader in President Trump, and two is the perseverance of a strong Nation and it’s citizens. 

    But regardless of exactly how and when we recover, I believe it is imperative and completely just that it begin by The United States – and every country for that matter – tearing up every piece of debt paper we/they have from China, and calling it square. Let’s call it “reparations”, for the damage their egregious and nefarious malfeasance has caused this Great Nation and the world.

    Reply
  5. Avatar
    John Mattioli   March 22, 2020 at 10:14 am

    Marco is the only politician that seems to understand the crisis that small businesses are facing. They need cash quickly to pay landlords, existing loans, employees and other operating expenses. Most small businesses can’t go without cash flow for more than a month without defaulting on their obligations. If we can keep small businesses alive during this shutdown / slowdown, they can resume doing business as the country starts to go back to work. If we lose our small businesses, who will fill the void? Thank You Marco, please get this bill passed quickly. John M. J&H Small Business Consulting & SCORE Volunteer.

    Reply
  6. Avatar
    Jason   March 23, 2020 at 11:28 am

    Forgiveable loans….. so these are just gifts. Where is this money coming from? Neither the state of the federal govt has any money to give away.
    This will all fall on the taxpayers-like it always does.
    Just allow all businesses to remain open and don’t do any bailouts!

    Reply
  7. Avatar
    Common Sense   March 23, 2020 at 8:26 pm

    Gov. Ron DeSantisSAYS: ‘Not advisable’ to issue a shelter-in-place for Florida when speaking Monday at The Villages retirement community, DeSantis said he doesn’t want to impose undue hardships on the two-thirds of Florida counties with few or no confirmed cases …. HEY DESANTIS.. HOW DO YOU CONTROL THE SPREAD? YOU SHELTER IN PLACE NOW… NOT AFTER THE FACT! What a moron. Lets wait til we have exponential spread and THAN try to control the spread… I’m a republican and I cannot understand the stupid in this Gov!!!

    Reply

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