Odd Lots Marco Rubio On The Effort To Save Jobs And Get People Working Again
Apr 15, 2020
Senator Marco Rubio, the Florida representative known for steering economic policy during the COVID-19 crisis, discusses the ins and outs of the CARES Act. He shares insights on the Payroll Protection Program, highlighting its successes and shortcomings in job retention. Rubio also delves into the complexities of balancing aid with unemployment benefits, the essential role of banks in helping small businesses, and touches on how public opinion might evolve regarding government intervention. His perspective offers a compelling look at navigating economic recovery.
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PPP Loan Disbursement
- PPP loans are dispersed by banks, backed by Treasury guarantees, not direct Treasury funds.
- This speeds up disbursement, as seen with JP Morgan's rapid $9 billion distribution.
PPP Speed and Reach
- The PPP program disbursed funds faster than the IRS disbursed taxpayer refunds.
- It also disbursed funds more quickly than direct payments to entire industries.
PPP Loan Usage
- PPP loans have an eight-week spending period for payroll.
- This design ensures businesses retain and rehire employees, preventing prolonged fund retention.