Connect with us

Hi, what are you looking for?

Florida News

Marco Rubio: Unemployment Rate Drop Shows PPP is Working

Rubio noted on Friday that they “unemployment rate unexpectedly dropped to 13.3 percent, well below the expected 20 percent” as “forecasters initially expected 7.5 million job losses in May, but 2.5 million were added — the greatest number of jobs created in a single month ever recorded.”

Rubio noted on Friday that they “unemployment rate unexpectedly dropped to 13.3 percent, well below the expected 20 percent” as “forecasters initially expected 7.5 million job losses in May, but 2.5 million were added — the greatest number of jobs created in a single month ever recorded.”

From his perch as chairman of the U.S. Small Business and Entrepreneurship Committee, U.S. Sen. Marco Rubio, R-Fla., pointed to last week’s positive jobs report, insisting it shows that the Paycheck Protection Program (PPP) is working.

Rubio noted on Friday that they “unemployment rate unexpectedly dropped to 13.3 percent, well below the expected 20 percent” as “forecasters initially expected 7.5 million job losses in May, but 2.5 million were added — the greatest number of jobs created in a single month ever recorded.”

The Florida Republican insisted the PPP, which Congress and the White House agreed to create back in March to help small businesses during the coronavirus pandemic, was working.

“While far too many Americans remain out of work, it is clear the economic situation for tens of millions of workers and millions of small businesses would be far worse without the Paycheck Protection Program,” Rubio said. “Today’s jobs report makes clear millions of Americans were brought back on payroll last month. The PPP helped small business owners re-hire workers and prevented a second wave of layoffs, even as most of the economy remained locked down. I am proud that my colleagues were able to come together, multiple times, to unanimously approve and expand a historically successful economic rescue plan.”

At the end of May, the U.S. Small Business Administration (SBA) approved almost 4.5 million PPP loans totaling $510 billion. Almost two-thirds of those loans–64.6 percent–were $50,000 and less.

 

Reach Kevin Derby at [email protected].

Author

  • Kevin Derby

    Originally from Jacksonville, Kevin Derby is a contributing writer for Florida Daily and covers politics across Florida.

    View all posts

Archives

Related Stories

Political News

Florida Senator Marco Rubio is likely to be confirmed as the next US Secretary of State after President-Elect Donald Trump officially retakes office. Rubio...

Political News

Earlier today, the Associated Press reported that Lara Trump, daughter-in-law of President-Elect Donald Trump, has resigned as co-chair of the Republican National Committee (RNC)...

Political News

You may see Florida officials serving key cabinet posts in the Trump administration.Florida Sen. Marco Rubio may be chosen to serve as Secretary of...