Miami, FL — U.S. Senator Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, released the following statement after Senate Democrats blocked an additional $250 billion for the Paycheck Protection Program.
Congress recently appropriated $349 billion for the Paycheck Protection Program through the CARES Act. However, the program needs more funding to meet the demands of small and medium sized businesses due to the pandemic. The Trump Administration requested the additional $250 billion to meet these unprecedented times.
“While funds for other programs in the CARES Act have not even been disbursed, the demand for the Paycheck Protection Program remains incredibly high,” Chairman Rubio said. “We are seeing a rate of $3.5 billion an hour on a nearly $350 billion program. We have days, not weeks, until PPP runs out of money. Today’s unemployment numbers remind us that now is not the time for congressional horse trading or partisan politics. Small businesses are being forced to lay off employees and close their doors. I really hope my Democratic colleagues will reconsider their decision to block more money for PPP.”