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Rubio Statement on Unemployment Numbers and Success of Paycheck Protection Program

Jun 5, 2020 | Press Releases

Miami, FL — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, released a statement after the unemployment rate unexpectedly dropped to 13.3 percent, well below the expected 20 percent. Forecasters initially expected 7.5 million job losses in May, but 2.5 million were added — the greatest number of jobs created in a single month ever recorded. The last time the economy experienced this level of job creation was in September 1983 when 1.1 million were jobs added.
“While far too many Americans remain out of work, it is clear the economic situation for tens of millions of workers and millions of small businesses would be far worse without the Paycheck Protection Program,” Chairman Rubio said. “Today’s jobs report makes clear millions of Americans were brought back on payroll last month. The PPP helped small business owners re-hire workers and prevented a second wave of layoffs, even as most of the economy remained locked down. I am proud that my colleagues were able to come together, multiple times, to unanimously approve and expand a historically successful economic rescue plan.”
As of May 30, the Small Business Administration (SBA) has approved 4,475,599 Paycheck Protection Program (PPP) loans for a total of more than $510 billion, the majority of which are loans valued at less than $50,000, representing 64.6 percent of total PPP funds.