Thread by @marcorubio

UPDATE on #PPP in thread below:
1/7: Several large FinTech companies are ready to join as lenders as soon as @USTreasury releases their nonbank lender form. This is very important as it will expand lending capacity dramatically especially for #SmallBusinesses locked out by bank

#PPP UPDATE 2/7: Still waiting for @SBAgov & @USTreasury to release a program guide for #PPPloans which would provide clarity on a number of questions still holding back some lenders. We need this NOW.

#PPP UPDATE 3/7: @federalreserve announced today it will help clear up more space on lender balance sheets to issue #PPPloans by either making #PPP more attractive to secondary market buyers, or by buying #PPP loans from lenders directly. Details this week.

#PPP UPDATE 4/7: @SBAgov & @USTreasury have determined that independent contractors will apply for themselves,rather than through any employer they may contract with. The first date on which independent contractors and self-employed individuals may apply is this Friday, April 10.

#PPP UPDATE 5/7: Access to the @SBAgov “E-Tran” system used by current SBA lenders remains a major problem. We have asked SBA for more information on who they are using & what their plan is for improving access to E-Tran. This MUST be corrected ASAP.

#PPP UPDATE 6/7: For new lenders, @SBAgov is working with Amazon Web Services & a systems integrator to develop a portal. Again, time is of the essence for this as well.

#PPP UPDATE 7/7: Spoke to @stevenmnuchin1 early this morning about the need to begin work on replenishing #PPP funds soon. Despite logistical challenges over 10% of funds have already been committed in loans. Congress will need to add more money sooner than anticipated.