The Paycheck Protection Program meant to keep workers employed at small businesses during the first months of the coronavirus pandemic saved 3.3 million jobs in Florida, according to new data on borrowers and loan amounts released by the Small Business Administration.
The program, developed in part by Senate Small Business Committee chairman and Florida Republican Sen. Marco Rubio, was part of a massive $2 trillion relief bill that became law in March. The Paycheck Protection Program was designed as a forgivable government loan to small businesses affected by the pandemic, essentially allowing businesses who employ 500 employees or fewer to have payroll and business expenses covered by the federal government for a period of time. (The Tampa Bay Times and its related companies received an $8.5 million loan.)
The Small Business Administration released data in July that showed the program saved 3.2 million jobs in Florida. But the data released over the summer only included the names of loan recipients who got more than $150,000. The data released by the federal government on Tuesday — after lawsuits from multiple media organizations — included the names of all loan recipients and provided an updated look at a program that was extended until August.
The total spent on the Paycheck Protection Program in Florida was $31.93 billion.
Rubio said in a statement that he supports working with Democrats on the Small Business Committee to pass another round of Paycheck Protection Program funds. The program proved to be relatively popular with Democrats and Republicans during its first iteration, though additional money has been held up for months as both parties negotiate a comprehensive relief bill.
“It’s clear that the (Paycheck Protection Program) has been the most successful piece of the bipartisan CARES Act, and it’s great news that so many Florida small businesses were able to take advantage of this historic lifeline to prevent from closing and to keep their employees paid,” Rubio said in a statement to the Miami Herald.
Rubio added that Congress should pass more Paycheck Protection Program funding before 2021.
“It should have happened this summer. It needed to happen this fall. Enough is enough. Let’s get this done.”
The rapid application and approval process made the loans an easy vehicle for fraud, something Rubio said was a necessary evil to make Paycheck Protection Program funds available in a matter of weeks. In Florida, publicly traded companies like Pollo Tropical’s Texas-based parent Fiesta Group applied for loans but later returned them. One Miami-based businessman who received $3.9 million in Paycheck Protection Program loans despite monthly revenues and expenses at his moving business totaling about $200,000 was arrested after purchasing a $300,000 Lamborghini Huracan Evo with taxpayer money.
“For months, I’ve been calling…
Read More: Federal pandemic business loans saved 3.3 million Florida jobs