WASHINGTON, D.C. – Today, Senator Rick Scott released the following statement about ongoing discussions on more funding for the Paycheck Protection Program and oversight of small business loans.
Senator Rick Scott said, “Nancy Pelosi, Chuck Schumer and the Democrats are once again trying to use this crisis to waste taxpayer dollars. We should focus our efforts on the individuals and small businesses that need it most.
“It’s great that small businesses around the country are taking advantage of the Paycheck Protection Program that was funded by Congress two weeks ago. Our small businesses are the lifeblood of our economy and many are suffering. We should do everything we can to give them the support they need. If Congress intends to move forward with more funding for this program, as has been reported, there should be greater clarity on two important topics.
“First, the legislative text is worded vaguely enough that companies that are not being harmed at all by the Coronavirus crisis have the ability to receive taxpayer-funded loans that can be forgiven. This drains resources away from the small businesses that need it most. Congress should clarify that only small businesses that have seen a substantial reduction in their revenue can qualify for these loans, so we make sure the funds available are helping businesses hurt by this crisis.
“Second, I have heard from many constituents that they are unable to access the loans at their bank because of requirements individual banks are setting. These requirements were not in the law and are leading to many small businesses having a very hard time accessing these dollars. Congress must make it clear that banks should not and cannot set these requirements that actively withhold help from those in need.”