U.S. Senate To Approve More Small Business Aid
Reports out of Washington, D.C. are that leaders of the U.S. Senate are moving quickly to get more federal aid out the door to support businesses that are struggling as a result of the ongoing economic fallout caused by the coronavirus pandemic.
This comes on the heels of widespread reports that it was more difficult than expected to get the money appropriated in the last $2.2 trillion stimulus package (AKA Stimulus 3) into the hands of the businesses that so desperately need it.
Senate Majority Leader Mitch McConnell, a Kentucky Republican, said he's working with U.S> Treasury Secretary Steven Mnuchin and Senate Minority Leader Charles Schumer, New York's senior senior (and a Democrat), in hopes of getting a deal voted on later this week.
"Congress needs to act with speed and total focus to provide more money for this uncontroversial bipartisan program. I will work with Secretary Mnuchin and Leader Schumer and hope to approve further funding for the Paycheck Protection Program by unanimous consent or voice vote during the next scheduled Senate session on Thursday," McConnell said in a statement.
There's apparently some differences of opinion on exactly how far along this effort is. But The Washington Post is reporting that Treasury Department officials are preparing to ask Congress to swiftly commit another $200 billion to replenish the $349 billion small business loan program created as part of Stimulus 3.
The WP writes: "The small business program has ramped up more quickly than other elements of the rescue bill — including unemployment insurance and payments to individual — but demand has still outstripped expectations."