Rubio: I’m Very Concerned that If Business Don’t Get the Loans We Could Have a Wave of Bankruptcies

‘I’m very concerned about that’


RUHLE: "I know you are not in charge of the regulation or the implementation, but how concerned are you because the SBA is a small slow-moving body, and these small businesses do not have two months of liquidity. If they don’t get in this program, if they don’t get the money they need in the weeks to come, they're going to have to shut down and we're going to have a wave of bankruptcies across this country like we’ve never seen."
RUBIO: "Yeah, I’m very concerned about that. And you know, we spent the last 36 hours working with Secretary Mnuchin because the original guidance that went out to the banks, you put up before I came on, a story that appeared yesterday. That’s was all based on letters from bankers saying this is not simplified. This is very complicated. Early yesterday morning, late the night before, I sent them what some of the banks were telling me they were going to have to ask people. It was not at all the intent here. It’s always interesting to be on the phone talking to some, you know, figure in an administration or in an agency and they are telling you their interpretation of the legislative intent and you are telling them, I am the legislative intent. I wrote this language and know exactly what we meant by it. I think that got fixed.” 

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