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Washington, D.C. — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, announced his committee would immediately get to work on a bipartisan bill to ramp up the Small Business Administration’s (SBA) 7(a) loan program. Tomorrow, Rubio will convene a committee hearing titled, “The Coronavirus and America’s Small Business Supply Chain.” Rubio’s proposal would provide near-term relief to small businesses that face payroll support challenges and supply chain disruptions from the coronavirus. 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.
“I look forward to working with President Trump on bipartisan legislation that will give the SBA additional resources and authority to infuse billions of dollars into our nation’s small businesses to help Americans deal with the coronavirus,” Chairman Rubio said. “In support of the President’s request, I will introduce legislation tomorrow that will provide the authorization for much-needed resources to the SBA’s 7(a) loan program. Together, we will help small businesses that are struggling in the midst of a global pandemic and begin rebuilding our domestic supply chain.”
On Tuesday, Senator Rubio spoke with the President about the need to utilize the SBA’s 7(a) loan program to provide relief to small businesses, as well as prioritize and ramp up domestic production in critical areas of the medical supply chain that are vulnerable to dependence on China and in industries vital to America’s future.
A timeline of Rubio’s actions related to coronavirus can be found here.