The United States Should Stand by Argentina’s Milei U.S. Senator Marco Rubio (R-FL) December 11, 2023 Medium President Joe Biden should welcome [Javier Milei’s inauguration as president of Argentina] because friends are hard to come by in Latin America right now. The...
EE.UU. debería apoyar al presidente electo Milei 10 de diciembre del 2023 La Nación …Milei es un aliado y EE.UU. debería apoyarlo. El presidente Joe Biden debería darle la bienvenida a Milei porque en estos momentos es difícil encontrar aliados en Latinoamérica y el...
Rubio, Gallagher Statement on Biden Admin’s Watered-down Sanctions on Chinese Officials Conducting Genocide
The Biden Administration has been slow to implement sanctions under the Uyghur Human Rights Policy Act, which became law in 2020, and seeks to hold the perpetrators of the Uyghur genocide accountable. U.S. Senator Marco Rubio (R-FL) and U.S. Representative Mike...
In-person Mobile Office Hours Monday, December 11, 2023 Jackson County 9:30am – 11:00am CST UF/IFAS Jackson County Extension 2741 Penn Ave. Suite 3 Marianna, FL 32448 Click Here Pinellas County 1:30pm – 3:00pm EST Pinellas Park Chamber of Commerce 5851 Park...
Foreign adversaries, including China, have significantly increased covert tactics to infiltrate American colleges and K-12 schools. They do this to steal research, spread propaganda, and silence students and academics. U.S. Senator Marco Rubio (R-FL) and...
The criminal Maduro regime issued bogus warrants to arrest members of the Venezuelan opposition, including several campaign staffers working for opposition leader María Corina Machado, who won the opposition’s primary election earlier this year. Last night, Roberto...
Chairman Rubio to Introduce Bill to Help Small Businesses Impacted by Coronavirus
Washington, D.C. — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, will introduce, and attempt to pass in the Senate by unanimous consent, a targeted proposal to immediately open up the Small Business Administration’s (SBA) 7(a) loan program, offered by banks nationwide, to provide near-term relief to America’s small businesses that face payroll and operational challenges due to economic effects from the coronavirus pandemic. Last night in his address to the nation, President Trump called on Congress to pass legislation giving the SBA more resources to provide relief to small businesses, and Chairman Rubio announced that his committee would immediately get to work on a bipartisan bill.
“This morning, I will be moving to act on the President’s request to Congress that he outlined last night in his address to the nation,” Chairman Rubio said. “Specifically, I will introduce and attempt to pass a plan in the Senate today that puts forward a targeted proposal to help our nation’s small businesses that have been impacted by the coronavirus.
“By increasing the SBA’s current 7(a) loan program by $50 billion, this program, which is offered by banks across our nation, will provide small businesses with access to much-needed capital to make payroll and provide paid sick leave for employees who miss work as a result of the coronavirus,” Chairman Rubio continued. “Additionally, this proposal will waive all fees for 7(a) loans for one year for both lenders and borrowers, as well as increase the loan guarantees. These are decisive steps that I believe will enjoy strong bipartisan support, and I am hopeful that every one of my colleagues will join me in this effort to prevent people from losing their jobs and our small businesses from going bankrupt.”
Specifically, Chairman Rubio’s bill would:
- Increase the 7(a) loan program, which includes the Community Advantage pilot program, authorization level by $50 billion.
- Allow any 7(a) borrower to use the proceeds of the loan for payroll support, including paid sick leave.
- Waive all fees for all 7(a) loans for one year for both lenders and borrowers.
- Provide a 90 percent loan guarantee for all loans, no matter the size.
- Increase the loan limit for SBA Express from $350,000 to $1 million. This program currently provides an accelerated turnaround time of 36 hours for SBA review, and provides a revolving line of credit for small businesses.
- For Economic Injury Disaster Loans (EIDL) made in response to coronavirus not exceeding $350,000, allows SBA to determine repayment ability based solely on an applicant’s credit score, and not require to find that the applicant is unable to obtain credit elsewhere.
- Utilize existing disaster subsidy balance to support any subsidy costs and prevent the need for an appropriation.