“Where you find humans in crisis, you also find humans willing to help. And we will devote the rest of this hour to those running towards the fire,” declared a CBS documentary on the coronavirus pandemic. “We begin with Marco Rubio. The Cuban-American Florida Republican Senator is a lead author of the Paycheck Protection Program, which is designed to be a life-line for companies struggling amid the pandemic.”
As states began to lock down in 2020, Senator Marco Rubio used his position as Chairman of the Senate Committee on Small Business and Entrepreneurship to create the bipartisan Paycheck Protection Program (PPP).
The PPP “succeeded in its short-run goals, including helping smaller firms withstand sharp revenue declines during the shutdown and keeping workers connected to their employers,” the Brookings Institution found.
Indeed, more than 5.2 million small businesses received more than $525 billion in PPP loans, which kept tens of millions of Americans on their employer’s payroll through the worst of the public restrictions. In Florida alone, more than 430,000 small businesses received $32 billion in forgivable loans.
Marco understood that keeping small businesses afloat and keeping people employed was key to America’s economic recovery. And a Congressional Budget Office (CBO) analysis found that the PPP was “projected to quicken the pace of the recovery by limiting the number of business closures and preserving relationships between employees and employers.”
While our nation has a long way to go, Marco’s leadership and legislative expertise saved millions of businesses and jobs, and he will continue fighting for those families and communities as America recovers, rebuilds, and grows stronger than ever before.