Thread by @marcorubio

The thread below is for banks & lenders here in the United States.

Now that the #CARESAct is law, our country needs your help to win the #WarAgainstVirus

The survival of millions of jobs & small businesses depends on your participation in the #PaycheckProtectionPlan 1/7

The #CARESAct provides $349 billion for small business forgivable loans processed by banks & other lenders.

It was drafted to provide lenders complete certainty. 2/7

First, if you are already an SBA-preferred or approved lender you now have been given delegated authority.

You can make these #PaycheckProtectionPlan transactions using your own systems, not government. 3/7

You have no reason to not to start making these loans. There is:
-No underwriting
-No credit elsewhere test
-No collateral
-No personal guarantee
-No liability

All you need to do is verify paystubs or payroll. 4/7

You will be PAID to do this:

- 5% of principal for loans of $350k or less

-3% up to $2 million

-1 % up to cap of $10 million

In a zero-interest environment.

For a 100% safe asset that has zero risk weight.

With a guaranteed buyer.

5/7

There are tens of thousands of small businesses in your communities that already meet the current definition of small biz. You can start Monday!

And many others that will meet whatever definition the agencies come out with very soon.

You can lend to them with certainty. 6/7

The backbone of our economy & the lifework & jobs of millions of people depends on this.

America needs you to step up & do your part.

Every day without action condemns more small businesses to bankruptcy.

Let’s all do our part & we will win this #WarAgainstVirus 7/7