A government loan program for small businesses hit by the coronavirus pandemic is out of funds, and there's disagreement on how to replenish it.
The government program designed to help small business weather the economic fallout of the COVID-19 pandemic ran out of money Thursday, and congressional leaders remained at a standoff over how to replenish the funds.
Republicans want to authorize an additional $250 billion for the Paycheck Protection Program. But Senate Minority Leader Charles E. Schumer and House Speaker Nancy Pelosi have balked at spending that money without ensuring that microbusinesses and disenfranchized companies are able to participate. They also want to add more funding for state and local governments and hospitals.
Senate Majority Leader Mitch McConnell was noncommittal as to whether Senate Republicans would agree to any deal cut between Mnuchin and Democrats.“We’d take a look at it,” McConnell said. Republicans “want to plus up the small-business program. We think the need is obvious. And all the money for the other programs is not yet out the door. It doesn’t mean we won’t be dealing with them later. But we have an emergency; we ought to deal with it.
“We don’t want it to perpetuate the disparity of access to credit for some of our businesses,” Pelosi said Thursday.Democrats also want to tack on additional funding for the healthcare system and for state and local governments. “I cannot understand after watching another 5 million get unemployed how Speaker Pelosi continues to say no. It’s just unheard of. A program that is working that only provides the small businesses to stay afloat, to keep their people hired,” McCarthy said. “All it simply takes is the Democrats to say yes. I don’t know what more that it takes. You got 5 million reasons today.”Congress has been largely out of session since passing the CARES package late last month.
“This system would enable members to vote remotely in a secure way, without using the kind of technology that is susceptible to hacking or interference by foreign bad actors. And because it doesn’t rely on some new technology being stood up and vigorously tested, it could give members a say on important legislation much more quickly,” McGovern said in a statement.House rules can be changed by unanimous consent or voice vote, as long as no member objects.
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