Small business loans to restart on Monday, Rubio says
Trump is expected to sign the $484B bill on Friday afternoon
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The second wave of small business loans will likely restart on Monday, Sen. Marco Rubio said, after President Trump signs into law an aid package replenishing the Paycheck Protection Program.
Trump is expected to sign the $484 billion bill on Friday afternoon, injecting an additional $310 billion into the Paycheck Protection Program, which ran out of cash last week.
Rubio, the chairman of the Senate Small Business Committee, made the announcement on Twitter Friday morning. The program will also have "an additional significant amount of money" from loans being returned by big companies, the Florida Republican said.
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"We already know of hundreds of millions of dollars potentially that are being returned," he said. "Some of these big companies you read about that got PPP, that was never the attention, have started to return the money. That money will be added on to whatever Congress appropriated."
On Thursday, the Treasury Department tightened the rules of the lending program, directing large, publicly traded companies to return the money following mounting backlash over major restaurant chains like Shake Shack and Ruth's Hospitality Group tapping the aid. Ruth's announced the same day that it will return the $20 million it received, echoing a similar move by Shake Shack earlier in the week.
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At least 75 publicly traded companies -- some with market values well over $100 million -- tapped the government-backed Paycheck Protection Program, receiving a combined $300 million in low-interest loans, according to a recent Associated Press analysis.
The loans were among the 4,412 approved by banks and the Small Business Administration worth $5 million or more, according to SBA data. The total amount of loans approved for at least $5 million totaled $30.9 billion — or about 9 percent of all those approved. The size of the typical loan nationally was $206,000, according to the data.