Schumer and Pelosi Signal That They Will Block Additional Funding for Paycheck Protection

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Posted: Apr 09, 2020 10:00 AM
Schumer and Pelosi Signal That They Will Block Additional Funding for Paycheck Protection

Source: AP Photo/J. Scott Applewhite

Update: Sen. Ben Cardin (D-MD) objected to Leader McConnell's move to legislate additional funding for Paycheck Protection:

Sen. Cardin was one of the original authors of the Paycheck Protection Program.

Original Post: Senate Majority Leader Mitch McConnell (R-KY), under the advice of Treasury Secretary Steve Mnuchin, seeks to pass additional funding for the Paycheck Protection Program (PPP) which was rolled out last week. PPP legislates $350 billion in forgivable loans for small businesses during COVID-19. Leader McConnell announced earlier this week that the Senate will pass legislation to pump more money into this bipartisan program, as the program alleviates the economic distress hitting our small business sector.

Paycheck Protection is highly bipartisan, but Senate Minority Leader Chuck Schumer (D-NY) and Speaker Pelosi (D-CA) signaled that they will delay passage of additional funding for PPP unless their list of demands is met:

If more funding is not legislated to PPP, the small business relief program will run out of money. Sen. Schumer and Speaker Pelosi’s list is largely unrelated to small business; the demands sought by the pair of Democratic leaders fall under the recently passed CARES Act, not Paycheck Protection.

Small businesses are bearing the brunt of the economic stress during COVID-19, as many struggle to keep their doors open. PPP passed with bipartisan support, and is a highly uncontroversial relief for Americans in the small business sector. By blocking additional funding for PPP, Sen. Schumer and Speaker Pelosi continue to put partisanship over the American worker.

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