BREAKING… Sen. Marco Rubio: Senate Is Looking at a Monthly 250 Percent Grant to US Small Businesses to Keep Them Afloat During Current COVID-19 Shutdowns (VIDEO)
Florida Senator Marco Rubio joined Maria Bartiromo on Sunday Morning Futures to discuss the US Senate negotiations on a multi-trillion dollar stimulus package to keep the American economy afloat during the current coronavirus pandemic.
This comes after Treasury Secretary Steve Mnuchin announced the proposed stimulus bill may top $2 trillion.
Rubio is Chairman of the Senate Committee on Small Business and Entrepreneurship and is responsible for assisting the tens of thousands of small businesses that will take the brunt of the current small business shutdowns across the US. Rubio said the small business rescue package could swell to $350 billion or more.
A Senate vote is planned for later today.
Marco Rubio: The sector involving small businesses with 500 employees or less. In this we have a very strong agreement… They will be able to go to a bank or lender, even an online vendor, approved by treasury and they will be able to draw down a loan or a grant, really, in the amount of 250% of their one month payroll. And as long as they use that money to meet payroll, to meet other benefits for their employees or to pay rent or leases on the property that their small business operates out of that will be 100% forgivable. They will not have to pay that back. The key here is they’re not going to the government for the money, they’re going through private lenders, banks. There are over 800 banks that already participate in a similar program.
This would bring a sigh of relief to the thousands of worried small business owners out there in the country today.