Senate Passes Small Business Relief Bill

Jack Phillips
By Jack Phillips
April 21, 2020Politics
share
Senate Passes Small Business Relief Bill
A woman walks her dogs near the U.S. Capitol Building in Washington, on March 27, 2020. (Alex Edelman/AFP via Getty Images)

The Senate passed a bill on Tuesday afternoon for a new round of CCP virus aid, sending it to the House for a vote this week.

“The Senate is continuing to stand by the American people,” said Senate Majority Leader Mitch McConnell (R-Ky.) on the floor of the upper congressional chamber.

Senate Minority Leader Chuck Schumer (D-N.Y.), House Minority Leader Kevin McCarthy (R-Calif.), and other top Congressional leaders confirmed they had reached a deal, with some saying it would be passed by Tuesday at 4 p.m.

The legislation, in this round of stimulus funding, would deliver a reported nearly $500 billion to hospitals, small businesses, and for testing. It comes days after the Small Business Administration’s Paycheck Protection Program (PPP)—passed last month under the third stimulus package—ran out of money, meaning no new loans can be issued until it is replenished.

After the PPP exhausted its funds, growing pressure mounted on Congress and the federal government to come to an agreement on a new round of funding amid the pandemic.

chuck schumer, nancy pelosi
House Speaker Nancy Pelosi (D-Calif.) joined by Senate Minority Leader Chuck Schumer (D-N.Y.) speaks during a news conference, on Capitol Hill, in Washington on Feb. 11, 2020. (Alex Brandon/AP Photo)

McConnell and Senate Democrats initially tried to pass their own separate proposals earlier this month. However, both were blocked.

Democrats wanted to add billions more for hospitals as well as state and local governments. McConnell on Tuesday declared victory, saying Democrats had dropped “a number of their unrelated demands” during negotiations, according to a statement from his office.

“Democratic leaders blocked the money and spent days trying to negotiate extraneous issues that were never on the table. I am grateful our colleagues have walked away from those demands and will finally let Congress act,” he added.

A vote in the House could happen as soon as Thursday, according to reports. House Speaker Nancy Pelosi (D-Calif.) and her leadership team have sent members of Congress notices about an 11 a.m. caucus call over the measure, Bloomberg News reported.

The House most likely will not be able to pass the legislation unanimously, and representatives were asked to come back to the Capitol in Washington this week, according to Hoyer.

“We are asking every member to return who can return,” Rep. Steny Hoyer (D-Calif.), the House Majority Leader, told reporters on Tuesday. “There are some members who are particularly vulnerable to either themselves because of some preexisting condition or they are caring for relatives … so we’re not ordering members to come back.”

Pelosi told CNN on Monday that the GOP and Democrats have an agreement while negotiations were “down to the fine print” of the bill.

On Tuesday afternoon, President Donald Trump wrote that discussions will begin on a new stimulus package after he signs the interim legislation.

“I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing. After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief,” he wrote.

Companies and nonprofits that have fewer than 500 workers can apply for PPP loans up to $10 million to cover two months of payroll along with other expenses. Under the deal, a borrower that retains workers and doesn’t cut wages will have most or all of their loan forgiven by the government.

The Treasury Department said last week that 1.6 million PPP loans were approved.

From The Epoch Times

ntd newsletter icon
Sign up for NTD Daily
What you need to know, summarized in one email.
Stay informed with accurate news you can trust.
By registering for the newsletter, you agree to the Privacy Policy.
Comments