The initial coronavirus relief funding package (CARES Act) included $380 billion targeted to small businesses as part of the larger congressional relief package. Within the SBA section small and medium businesses can apply for loans to cover payroll (75%), called payroll protection plan (ppp); and expenses (25%). If the PPP funding is used to keep employees on payroll the loan is forgiven. Thousands of businesses have applied.
Due to the success of the SBA targeted funding, the $380 billion may run out before all of the applications are covered. Treasury Secretary Mnuchin asked Speaker Pelosi and Senate Leader McConnell for an additional $250 billion infusion into the program.
Senator McConnell framed a bill to provide the additional funds and asked for unanimous consent to advance the legislation. However, speaker Pelosi doesn’t want to miss an opportunity to add pet project (constituent funding) to the bill. Speaker Pelosi instructed Senator Ben Cardin to object to the unanimous consent request and block the funds.
WASHINGTON – Senate Democrats on Thursday blocked a Republican push to unanimously pass a bill to put $250 billion more into a loan program for small businesses devastated by the coronavirus pandemic.
With only a few senators in the Capitol, Senate Majority Leader Mitch McConnell tried to approve the measure by a unanimous vote. Sen. Ben Cardin, D-Md., objected to the request, stalling the legislation.Speaking on the Senate floor, McConnell said he was not “talking about changing any policy language” the parties negotiated last month as part of an unprecedented $2 trillion emergency spending package. He urged Democrats not to “block emergency aid you do not even oppose just because you want something more” — tweaks to the small business aid program and more emergency funding for hospitals and states, a proposal Democratic leaders outlined Wednesday. (read more)
..”Forget the stupid proles…. Our plan must include destroying the economy, if I am to retain control over the gavel.”…