Sen. Marco Rubio (R-FL), chairman of the Senate Small Business Committee, announced on Friday that the loans for the Paycheck Protection Program (PPP) will resume on Monday morning.
The PPP, giving small businesses a way to provide their employees with a paycheck as shutdowns continue to keep businesses closed and employees out of work across the nation, came to a halt last week after the program exhausted its $350 billion in funds, leaving many employers and employees in limbo. Democrats initially stiff-armed the efforts to quickly replenish the fund with clean measure, but Congress on Thursday passed a third stimulus package, which provided the PPP with $310 billion. Rubio said that the PPP should be relaunching by Monday morning.
“It will will [sic] include not just the $310 billion @potus will sign today, but also an additional significant amount of money from #PPPloans being returned by several publicly traded large companies,” he announced:
Trump is expected to sign the bill at noon, and the Small Business Administration will launch the program Monday, Rubio reiterated in a video announcement.
“So that will give everybody the rest of today, through the weekend for everyone, the lenders and everyone to get ready,” he said:
Rubio added that they are seeing hundreds of millions of dollars, potentially, coming back, stemming from large companies that wrongly received funds through the program. Those funds will be added to the money Congress already appropriated.
Those who already filed for the PPP should not have to refile, but Rubio cautioned individuals to check with their lenders.
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