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Bipartisan Task Force to SBA and Treasury: Act Quickly to Implement Small Business Coronavirus Relief
Chairman Marco Rubio (R-FL), Ranking Member Ben Cardin (D-MD), Chairman Susan Collins (R-ME), and Senator Jeanne Shaheen (D-NH) send letter pressing SBA and Treasury to swiftly implement the Keeping American Workers Paid and Employed Act
Miami, FL — U.S. Senator Marco Rubio (R-FL) and Senator Ben Cardin (D-MD), Chairman and Ranking Member of the Senate Committee on Small Business and Entrepreneurship, along with Senator Susan Collins (R-ME), Chairman of the Senate Special Committee on Aging, and Senator Jeanne Shaheen (D-NH), a senior member of the Senate Committee on Small Business and Entrepreneurship, sent a letter to Jovita Carranza, Administrator of the U.S. Small Business Administration (SBA), and Steven Mnuchin, Secretary of the U.S. Department of the Treasury requesting immediate commitment and action to implement the Keeping American Workers Paid and Employed Act, which was signed into law as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
“It is critical that this relief is disbursed to small businesses as quickly as possible to help ensure that no small businesses are forced to choose between solvency and retaining their employees during this uncertain time,” the Senators wrote. “To that end, we urge the Treasury Department and the SBA to quickly issue publicly-available, comprehensive guidance to lenders and businesses on the assistance available, including the Paycheck Protection Program, emergency Economic Injury Disaster Loan grants, and debt relief provisions.”
A timeline of Rubio’s actions related to the coronavirus can be found here.
The full text of the letter is below.
Dear Secretary Mnuchin and Administrator Carranza:
We write to request your immediate and sustained attention and commitment to implementing the Keeping American Workers Paid and Employed Act, which President Trump signed into law on March 27, 2020, as part of the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act (Public Law 116-136). The Keeping American Workers Paid and Employed Act provides $377 billion in immediate and meaningful relief to small businesses so that they can remain operational despite economic losses caused by the COVID-19 pandemic. This includes the Paycheck Protection Program – a new loan guarantee program created under the Small Business Administration’s (SBA’s) 7(a) program that is intended to assure employees of covered small businesses not only a paycheck in the near-term, but also the longer term assurance that their job will still be there for them.
It is critical that this relief is disbursed to small businesses as quickly as possible to help ensure that no small businesses are forced to choose between solvency and retaining their employees during this uncertain time. To that end, we urge the Treasury Department and the SBA to quickly issue publicly-available, comprehensive guidance to lenders and businesses on the assistance available, including the Paycheck Protection Program, emergency Economic Injury Disaster Loan grants, and debt relief provisions. We also ask that you continue to expeditiously upgrade and update the SBA website so that it is simple for borrowers to find links to the programs authorized under the CARES Act, identify Paycheck Protection Program lenders, and apply for the paycheck and grant assistance.
As all of government works to stop the spread of COVID-19, it is incumbent upon Congress and your agencies to work together to ensure that workers and small businesses have every opportunity afforded by this law to provide for and enjoy the dignity of work, which is second only to the immediate health and safety of Americans, and the need for workers and families to continue to receive income to pay their bills.
Thank you for your immediate attention to these matters. We stand ready to assist your efforts to implement the Keeping American Workers Paid and Employed Act. Thank you for your efforts.