Marco Rubio on small business lending program: 'It will get better. It has to get better'
Added 04-06-20 09:22:02am EST - “Sen. Marco Rubio on Monday said a new small business lending program designed to help companies make payroll and retain employees during the coronavirus outbreak will likely improve amid a somewhat rocky start.” - Washingtontimes.com
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Sen. Marco Rubio on Monday said a new small business lending program designed to help companies make payroll and retain employees during the coronavirus outbreak will likely improve amid a somewhat rocky start.
“We had no choice. This is an emergency situation, and when you do things in an emergency situation, they’re going to be far less than perfect,” Mr. Rubio, Florida Republican, said on CNBC.
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The senator said the Treasury Department had to rewrite rules drafted by the Small Business Administration, and the SBA has been working through the weekend with Amazon to improve the system for banks.
“Hopefully what we want to see is that the number of lenders in the system grows every day and the number of problems and issues with the program diminishes every single day,” he said. “So it will get better. It has to get better.”
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COMMENTS VIA TWITTER
Fed's small business lending program near launch: Powell https://t.co/N2dl4VkhsF
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Fed Main Street Lending Program laudable, but, unfortunately, a misnomer as currently constructed for Main Street s… https://t.co/bqDuXtwtpP
The Main Street Lending Program is a new program from the Federal Reserve that offers loans for small and midsize b… https://t.co/MLdgMNFyc2