Senate Declared To Replenish The Awaited Coronavirus Loan Program For Small-Businesses
On Tuesday, Senate members decided to geared up the loan program for small businesses that will protect them from shattering their business and leave their workers unemployed due to the coronavirus crisis.
The program includes about half a trillion packages that would provide the funds through the Paycheck Protection Program, halted during last week’s conference because of insufficient sources.
The program includes $484 billion that will inject the small businesses to get loans. Except this, $60 billion have been set aside for small bankers, credit unions, and community-based lenders to establish their relationship with the bigger banks and are facing the harder time to access sufficient funds for the first round of this stimulus package. And $10 billion of this package is set for the administration fees.
This package will also support and provide disaster loans for the Small Business Administration that is facing related financial problems due to the pandemic.
The legislation also includes measures that provide $75 billion to support the overwhelmed hospitals and also give $25 billion for a new testing program for deadly coronavirus.
The legislation decided to head up to White House, where they plan to take measures to help businesses from Thursday onwards. If the measure is approved, then they head it to President Trump for further approval.
On Tuesday, at the White House, Steven Mnuchin, the Treasury Secretary, said that “We’ve had tremendous support for the PPP.” Mnuchin made a promise that the program will come to run as soon as it gets the approval from both the chambers and after getting signed with the President’s signature. He said that this measure would help in saving the jobs of 30 million employees.
However, the Congressional Republic members blamed the Democrats for making delay in the measure, arguing that they held the funds that are desperately needed to support the small businesses and the workers.
Mitch McConnell, Senate Majority Leader, said when the deal reaches for the two sides that “I am encouraged that Democratic leaders have finally agreed to reopen the Paycheck Protection Program and abandon a number of their unrelated demands,” he added, “Republicans never wanted this crucial program for workers and small businesses to shut down. We tried to pass additional funding a week before it lapsed. But 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.”