CHAIRMAN OF THE SMALL BUSINESS COMMITTEE
Senator Rubio is a fierce defender and promoter of small business. In 2019, he introduced the first comprehensive Small Business Administration reauthorization effort in nearly two decades. As chairman of the Senate Committee on Small Business and Entrepreneurship, Rubio also sought to arm small businesses with greater capital and more advanced cybersecurity systems. He believes that strong small businesses are a key American asset and crucial to defending our nation from geopolitical threats like Communist China.
CREATING THE PAYCHECK PROTECTION PROGRAM
In 2020, the COVID-19 pandemic prompted economic lockdowns in every state. Main Street was on the brink, and if it fell completely, there was no telling what type of depression and unrest might follow. In response, Rubio created the Paycheck Protection Program (PPP), an unprecedented — and massive — forgivable loan program to keep small businesses afloat and their employees on payroll. All told, PPP distributed nearly $800 billion to more than 5.2 million small businesses. In Florida alone, the program supported more than 6.1 million jobs and pumped $50 billion into the economy.
effective economic policy
The Brookings Institution found that PPP “succeeded in its short-term goals, … helping smaller firms withstand sharp revenue declines during the shutdown and keeping workers connected to their employers.” According to one economist, it was “the single most effective fiscal policy ever undertaken by the United States.” One thing that is certain about PPP is that the country would be a far poorer, more fragmented place without it. That is why Rubio created the program in the first place. He knows small businesses are not just line items on an economic spreadsheet, but pillars of communities.
STANDING ALONGSIDE SMALL BUSINESS
Rubio will continue to stand alongside small businesses for as long as he remains in office. Whether this means protecting against natural disasters, fighting draconian overregulation, or advancing legislation to spur investment in Main Street, he is up for the challenge. Currently, Rubio is taking aim at a misguided U.S. Food and Drug Administration rule that requires premium cigar manufacturers to administer stifling regulations at every step of the production process. His Traditional Cigar Manufacturing and Small Business Jobs Preservation Act would correct course.