The upper chamber, with the green light from Leader McConnell, is set to pass additional funding for the Paycheck Protection Program (PPP) to give more relief to America’s small businesses.
??THE SENATE will move this week by unanimous consent to approve more money for the Paycheck Protection Program — small biz lending.— Jake Sherman (@JakeSherman) April 7, 2020
Rolled out last Friday, PPP allows small businesses to apply for federally-guaranteed loans in order to keep their doors open and employees afloat. The program originally legislated $350 billion for the small business sector.
Leader McConnell and the GOP Senate majority, working hand-in-hand with Senate Minority Leader Chuck Schumer (D-NY), will legislate more funding this week for small businesses during COVID-19 via PPP:
“As the administration works to implement this historic legislation and push money out the door, Senate Republicans believe any potential further action will need to be tailored to the actual needs of our nation, not plucked off pre existing partisan wish lists...Even as the CARES Act continues to come online, one such need is already clear: The small-business Paycheck Protection Program needs more funding. This bold legislation from Chairman Marco Rubio, Chairman Susan Collins, Senator Ben Cardin, and Senator Jeanne Shaheen is providing emergency liquidity to Main Street businesses nationwide to keep paychecks coming...” Leader McConnell said in a release.
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. https://t.co/idRXGn22xq— Leader McConnell (@senatemajldr) April 7, 2020
America’s small business sector is the backbone of our economy, and small business owners and employees feel the effects of the current economic crisis the most. Senate Republicans and the Trump Administration continue to put partisanship aside and work for the best interests of Americans during COVID-19.