WASHINGTON, D.C. – Today, Senator Rick Scott released the below statement regarding his proposed amendment to improve the Small Business Administration’s Paycheck Protection Program (PPP).
Senator Rick Scott said, “I have heard from many small business owners who have not yet been able to access a PPP loan. If you are one of those businesses, I want you to know that I am fighting to make sure you have access to the important resources you are entitled to through the CARES Act. My first priority is helping American small businesses and individuals that are struggling, and providing more funding through the PPP will do that. Unfortunately, millions of taxpayer dollars are not making it to the small businesses truly in need. As Congress comes to a final agreement, I am urging my colleagues to make two critical reforms that I am fighting for.
“First, my amendment makes sure PPP loans will only be available to businesses that show a substantial reduction in revenue due to the Coronavirus. We shouldn’t be sending taxpayer money to businesses that haven’t been harmed by this crisis and we need to ensure funding goes to the businesses truly impacted.
“Second, my amendment makes it clear that banks should not and cannot set requirements that actively withhold help from those in need. Instead, they must process applications on a first come, first served basis. I’ve shared my proposed amendment with negotiators, and hope my colleagues will put individuals and small businesses first and add this language to the final bill.”
Senator Rick Scott is committed to supporting small businesses and individuals impacted by the Coronavirus. If you are in need of assistance, please contact our office HERE.