Partisan fight threatens more aid to small businesses in U.S. Senate effort
WASHINGTON - The U.S. Senate on Thursday failed to pass an additional $250 billion of aid intended to help small businesses cope with the economic toll of the coronavirus pandemic as Democrats and Republicans blocked each other’s proposals.
For example, Democrats wanted to mandate that $60 billion of the new small business money would be set aside for community-based lenders, including minority-run institutions. The $250 billion in small business loans, which could turn into government-paid grants if lenders meet certain terms, would be in addition to $349 billion already allocated.
The lobbying group called for a series of changes to the newly created program, including more flexibility in use of the loans and replenishment of a separate disaster aid arrangement. Congress and the Trump administration hope the small business loans, coupled with aid to larger corporations, direct payments to individuals and emergency funding for hospitals will help the United States recover from the economic blow of the coronavirus outbreak. It has resulted in shuttered schools and businesses, left most of the nation’s population sheltering at home and thrown millions out of work.
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