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Washington, D.C. — U.S. Senator Marco Rubio (R-FL) welcomed the Senate’s extension of the Paycheck Protection Program (PPP) to May 31, 2021, but warned the Biden Administration from further restricting eligible small businesses from applying to the program.
“A year ago, when small businesses across the country had to close their doors, Democrats and Republicans came together to keep them alive,” Rubio said. “Since then, the PPP has been a lifeline to millions of small businesses and American families. It remains a critical lifeline to help small businesses across the country re-open. The Biden Administration should not make any further arbitrary changes to freeze out businesses previously made eligible by Congress. The PPP must remain a fair program that delivers relief to the businesses that need it most, not morph into a tool to reward special interests.”
Rubio’s amendment to ensure the Administration could not freeze out eligible businesses from receiving PPP loans was defeated 48-52. Had it passed, it would have prohibited the Small Business Administration (SBA) from setting any new set-asides beyond those that Congress already created, on a bipartisan basis, in the December 2020 COVID-19 relief bill for smaller businesses, businesses in low-income areas, and community financial institutions.
Rubio, former Chairman of the Senate Committee on Small Business and Entrepreneurship, is the co-author of the historic Paycheck Protection Program and has led the authorization of nearly $1 trillion in small business relief, including over $800 billion for PPP during the coronavirus pandemic. More than 5.2 million businesses received forgivable PPP loans in 2020, which kept tens of millions of Americans on payroll through the worst of the public health restrictions. In Florida alone, more than 430,000 received forgivable PPP loans, saving more than 3 million jobs.
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