U.S. Senator Marco Rubio (R-FL) joined One Nation with Brian Kilmeade to discuss the issue of illegal immigrant crime and the extent of Communist China’s influence in the United States. See below for highlights and watch the full interview on YouTube and Rumble. On...
The Biden-Harris Administration announced a proposed new rule targeting the de minimis loophole, which is a duty and tax exemption for goods valued under $800. China is increasingly using this loophole to avoid our tariffs and continue to ship artificially cheap and...
The welding, automotive, aviation maintenance, submarine, shipbuilding, and other defense-related trade industries are facing a workforce shortage. Many service members and veterans possess the skills to excel in trade jobs benefiting the defense industrial base...
The United States will host the 2026 FIFA World Cup, along with Canada and Mexico. Miami was chosen as one of the host cities to hold matches, with additional Florida cities serving as base camps for the competing national teams. The increased tourism activity across...
Oropouche virus is a disease spread to humans by mosquitoes and biting midges that can cause neurological effects and devastating effects on unborn babies. Recent surveillance data reports approximately 40 travel-associated cases of oropouche, in Florida, from...
The United States Commission on International Religious Freedom (USCIRF), created by the International Religious Freedom Act of 1998, is a bipartisan commission that monitors and reports on international religious freedom. The commission’s authorization is currently...
Washington, D.C. — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, sent a letter to James Dimon, Chairman and Chief Executive Officer of JPMorgan Chase, following recent reports that bank employees may have been involved in the misuse of Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funding. In April, Rubio sent a letter to a number of large banking institutions who participate in the PPP requesting information on their application process amid recent reports certain large banks prioritized borrower applications, which is a violation of congressional intent of the program.
The letter follows a press conference held by the Department of Justice and Administration officials announcing 57 individuals have been charged with fraudulent misuse of PPP funds. In May, Rubio and Ranking Member Cardin sent a letter to the Department of Justice to request a briefing on the agency’s efforts to combat PPP fraud.
“Both the PPP and expanded EIDL programs were intended to provide critical economic assistance to small businesses during this time of enormous need,” Chairman Rubio wrote. “Financial institutions, like yours, are on the frontlines of providing PPP assistance. Allegations that employees of financial institutions have exploited either the PPP or EIDL programs for their own gain must be investigated fully.”
The full text of the letter is below.
Dear Mr. Dimon:
As you know, small businesses across the nation are facing unprecedented challenges due to the economic disruption caused by the COVID-19 pandemic. In response, Congress established the Paycheck Protection Program (PPP) and expanded the Economic Injury Disaster Loan (EIDL) program as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) to provide immediate financial relief to impacted small businesses. The PPP alone has provided over $525 billion in critical relief to more than 5.2 million businesses, and saved an estimated 50 million jobs.
On April 22, 2020, I wrote to you requesting additional information about how your financial institution processed PPP applications following reports of certain applicants being prioritized over others. In the letter, I reiterated the importance that small businesses and nonprofits of various sizes, regional locations, and missions have equal access to PPP assistance. I was appreciative of your response dated May 1, 2020, which explicitly stated, “[w]e did not prioritize certain loan applicants over others.”
However, I am alarmed by recent reports alleging that employees of your financial intuition may have been involved in potentially illegal conduct in the distribution of PPP and/or EIDL funding. Both the PPP and expanded EIDL programs were intended to provide critical economic assistance to small businesses during this time of enormous need. Financial institutions, like yours, are on the frontlines of providing PPP assistance. Allegations that employees of financial institutions have exploited either the PPP or EIDL programs for their own gain must be investigated fully.
For this reason, I request that you provide the Committee with additional information regarding JPMorgan Chase’s investigation into potential misuse of PPP and/or EIDL funds. Specifically, I request that you provide my Committee staff with the following information no later than September 23, 2020:
Thank you for your continued commitment to ensuring a strong economic recovery for our nation’s small businesses. I appreciate your prompt attention to this important matter.
Sincerely,