Sen. Rick Scott says ‘millions of dollars are being wasted’ in paycheck protection program

Florida Republican Sen. Rick Scott on Monday expressed concern that some companies have benefited from funding meant to buoy small businesses amid the coronavirus crisis. 

Congress is moving towards passing another round of coronavirus relief which is expected to include additional funding for small businesses. While Scott says that he supports the additional money for small businesses, "millions of dollars are being wasted" in the government's Paycheck Protection Program. 

“I am concerned that many businesses with thousands of employees have found loopholes to qualify for these loans meant for small businesses," the former Florida governor said in a statement.

"Right now, companies that are not being harmed at all by the Coronavirus crisis have the ability to receive taxpayer-funded loans that can be forgiven," he noted. "Congress must clarify that PPP loans will only be available to businesses that show a substantial reduction in revenue due to the Coronavirus."

Scott is also concerned by constituent complaints about problems procuring funding due to requirements set up by banks that were not proscribed by Congress.

"Congress must make it clear that banks should not and cannot set these requirements that actively withhold help from those in need," Scott said.