Congress Looks at More Small Business Aid

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Congress Looks at More Small Business Aid

Congressional leaders are looking to advance legislation this week that contains more funding to help small businesses affected by the coronavirus epidemic.

 

Under the plan being pushed by Senate Majority Leader Mitch McConnell (R-KY), Congress would appropriate an additional $250 billion for forgivable small business loans. This would not create a new program, but would provide money for the small business aid contained in the previous coronavirus aid legislation. That bill set aside $350 billion for these loans. Many fear this money will quickly run out, however.

 

Senate Minority Leader Chuck Schumer (D-NY) wants to include other items in this bill, such as funding for hospitals and a federal bonus for front-line workers. Other Democrats are also supporting the inclusion of other relief items. Sen. McConnell is remaining firm that the only thing the bill should focus on is small business aid.

 

If there is agreement on this new round of funding, the Senate could pass the bill on Thursday and the House could pass it on Friday. If no member objects, both bodies could pass it by unanimous consent. However, Rep. Thomas Massie (R-KY) is indicating he will object to passing the bill in this way, necessitating a return of at least 218 House members to the capitol building.

 

Do you support Congress providing another $250 billion in forgivable loans for small businesses?

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