U.S. Senator Marco Rubio (R-FL)
August 26, 2022
When public health officials and politicians locked down the economy in March 2020,…tens of millions of Americans were headed to the unemployment line, and millions of small businesses were headed for bankruptcy. That was an unacceptable outcome, which is why I worked with Democrats and Republicans to create the Paycheck Protection Program.
My plan was as straightforward as it was novel: to create a federal grant for small businesses to keep their employees on payroll. This payroll grant, structured deliberately as a forgivable loan, had one key condition: that 80 percent of the funds go to payroll. While some lobbyists (and even Democratic lawmakers) in Washington begged for a blank check to small businesses, I refused. This temporary program was intended to keep employees on payroll during what we were told would be a two-week lockdown to “slow the spread.”
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