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'A stampede': Marco Rubio says non-stop demand for small business rescue program is straining capacity

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'What's happened in the first few days is you have a stampede going on at banks and other lenders with small businesses afraid to get shut out before the program runs out of money, so we want to take away some of that anxiety.'

"No one's ever done one of these before," Rubio said."There’s not a banker in America that’s ever given out a PPP loan until Friday. There isn’t anybody at the SBA that's ever authorized a PPP loan until Friday. This is not the same as a pre-existing system that isn’t working well. This is completely brand new and built-in six days."

The former presidential candidate and Trump confidant has not been shy in recent days about criticizing aspects of the program. He's called out lenders whom he thought were taking advantage of the crisis and tweeted about the PPP'sin which banks have struggled to handle a massive surge of applications for forgivable loans aimed at helping small businesses keep workers on staff and pay other bills.

Rubio's remarks about the program are part of a question-and-answer session with USA TODAY that's been lightly edited for clarity:Why support another $200-$250 billion for the PPP when about $275 billion remains untapped?Whatever’s not spent will revert back to Treasury. What I don’t want us to continue to do is have to come back for more.

 

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Mr MR Plz just keep your waste of words to yourself,& just sit back and wait to be voted outvof office, you have done nothing for the public, besides vote to fill your pockets, take money out of ours and to cap it all off ( you did nothing to help prevent this pandemic) nice job

Stampede for what? Hydro-chloroquine?

Little Marco can thank his Party for this havoc

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Senate will vote to pass more small business aid Thursday, McConnell saysTHAT IS REALLY BAD, THE CURRENCY DEVALUATION WILL CAUSE HYPER INFLATION, DO THESE IDIOTS REALIZE THEY ARE NATIONLIZING THE CAPITAL MARKET. DO YOU KNOW WHAT THAT MEANS? MILK AT $100 more free money marcorubio Yea I went to the HouseDemocrats and HouseGOP with my ideas last night - because I truthfully believe that Pelosi has a more powerful voice than any Senator. I am sure you don’t disagree.
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Coronavirus small-business aid program could ultimately need $1.8 trillion in funding, analyst saysSmall businesses across America have flocked to their local banks to apply for forgivable loans backed by the Small Business Administration since the program launched last Friday, with some expressing concern that if they didn’t get their applications in quickly funding would run out.
Källa: MarketWatch - 🏆 3. / 97 Läs mer »