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 .
Well I have applied for the PPP and EIDL loans and nothing yet, and it has been well over a week when the EIDL loan was supposed to be direct deposited in 3 days. You would think with Rubio chairing the SBA loan he would be responsive but no reply to 3 emails. I am disappointed in him!
Nobody should be surprised to see the local “Demogag rag” running hit pieces on DeSantis but the irony is rich when a few articles down they want us to show empathy for Gillum. GTFOutta here with that crap. How about a small amount of empathy for the guy that is juggling a pandemic and a new baby and not for the guy juggling meth and a prostitute? There won’t be a happier day in my life when that trash heap of a paper shutters its doors.
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!!!
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!
The Dems have convinced the left that ever dime you make belongs to everyone and they’ll decide what they let you keep. They’ve also convinced them that the only thing require to give out “mo money” is paper and printer ink. Conservatives know there’s no such thing as a free lunch. If this virus doesn’t do you in, the guilt from realizing the economy we left for our children and grandchildren might. I get temporarily helping people who really need help but the bills have enough pork in them to make a vegan blush.
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.
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.
This is fantastic news. When will this be implemented and how do small businesses apply for the relief?
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.
Sounds good. more details would be great!