Recovering the US Economy One Business at a Time - Marco Rubio Florida Senator

Born in Miami to Cuban immigrants who came to America in 1956, today Marco Rubio is one of only four Latinos serving at the Senate. After leaving everything behind his parents earned their way to the middle class by working humble jobs, and it is through their powerful example that he learned the importance of a strong work ethic and solid family values.

Senator Rubio is also the Chairman of the Senate Committee on Small Business and Entrepreneurship, where he advocates for modernizing and reforming the federal government’s programs to help small businesses thrive in a 21st-century economy. Since Rubio was first elected to the Senate in 2010 he set one objective for himself while in office: to make the American Dream achievable for all.

What challenges did you face as a Latino when you arrived in the Senate and what advice do you have for those who want to have a career in politics? At the time I was sworn in, I was the only Hispanic-American Senator in my party. I’m not sure there’s any other country in the world where your parents could have immigrated, worked as a maid and as a bartender, and from one generation to the other have their son end up in the U.S. Senate. My advice to those who aspire on being a public servant is to remain committed to the well-being of their communities. Learn from the stories of those you represent and stay true to your convictions.

How do you make decisions related to Covid-19 guidelines and relief measures? What is the most important project you worked on during this pandemic? In my role as Chairman of the Senate Committee on Small Business and Entrepreneurship, we delivered the most effective economic relief ever passed by Congress. What we aimed to do through the Paycheck Protection Program (PPP) was keep people connected to their jobs and help them stay afloat amid the pandemic. I still live in West Miami, everywhere I turn I’m surrounded by small businesses. Those were the people I thought about as we began working on PPP. I thought about the importance of making this program accessible to the everyday American through their local banks. My view of it was, since the government was forcing you to close your small business, we had a role to play in trying to keep you whole. More than 5 million small businesses and nonprofits have received a PPP loan, 3.3 million of the jobs saved were in my home state of Florida alone. We were able to provide real, meaningful results to our nation’s small business owners.

How has the pandemic impacted Hispanic small businesses owners? Hispanic Americans have felt the impact of this pandemic at the very core of what gives their life purpose, meaning, and dignity. COVID-19’s impact hasn’t just been economic. The pandemic has put at stake many family-owned and operated small businesses, which in many cases has allowed Hispanic Americans to continue fulfilling their American Dream for generations. PPP has saved many of those small businesses while also providing relief to our underserved communities. Just imagine how much worse our nation’s economy would have been hit had we not taken measures in support of our small businesses. During a recent Small Business Committee hearing, I highlighted how Black and Hispanic-owned small businesses account for 7.8% of the total small businesses in the U.S. Thankfully, they’ve received an estimated 10.6% of the total PPP loans, which have been disbursed.

What are the main resources available for business owners to navigate today’s challenges? As I have said many times, it is past time for Congress to come together and pass additional small business relief. We need to provide a second round of PPP to the hardest-hit small businesses so they can weather the second wave of this pandemic. The U.S. Small Business Administration (SBA) has various lending programs that can provide flexible capital to small businesses, especially for those in underserved and underbanked communities. The SBA’s 7(a) loan program for instance, provides needed working capital. I have introduced legislation which would enhance the terms of the 7(a) loan program and grant fee waivers to both borrowers and lenders.

What is the greatest lesson you have learned from this experience both personally and at the senate and what gives you hope? It’s no secret that 2020 has been an extremely difficult year for our nation. This pandemic has impacted virtually every part of our livelihood, our families, and our communities. The greatest lesson I’ve learned is the importance of the American people’s tenacity and a reminder of how resilient we are. Amid tremendous hardships, they did not give up. My faith gives me hope. It gives me hope that better days are ahead for our nation and our communities.