Thread by @marcorubio

Many employers deciding RIGHT NOW whether to do layoffs &/or close down.

So it is REALLY important we clearly communicate what is being worked on to help small business.

If you are a member of the media reporting on impact of #Covid_19 on small biz PLEASE read this thread 1/7

1. What we are discussing are FORGIVEABLE Loans. Whatever they take out from this assistance program & use for payroll & business and rent/lease/mortgage will NOT have to be repaid. Limit on what they get will be some multiple of their payroll/expenses before the crisis hit. 2/7

2. This is NOT some traditional SBA direct loan or program. We are using many of the guidelines & infrastructure of the 7(a) program but they will NOT be calling a government agency for this help. It will be handled by a bank,credit union or other lender in their community. 3/7

3. Existing 7(a) lenders ready to go right away. But everyone agrees that the list lenders involved needs to be expanded rapidly & we create a process to do that. The ideal outcome is for small businesses to be able to do all this with their own bank if they want. 4/7

4. The criteria for what qualifies as a small business is still being worked out. BUT,lots of agreement that it needs to be more inclusive than current definition. The goal is to reach the largest % of Americans workers as possible. And I feel confident we can achieve this. 5/7

5. This will NOT exclude any industry. It WILL apply to s corp, C Corp, non-profits, partnerships, sole practitioners, etc. who meet the expanded criteria for small business. Again the goal is to be inclusive not exclusive. 6/7

Worked all night trying to finalize so bear with us on all details until finalized

But goal is straightforward:

Get cash to small business are fast & easy as possible so they don’t have to lay people off & if they use it for that purpose doesn’t have to be paid back 7/7