Additional aid in the works for small businesses
Congress hopes to send more cash soon to small businesses struggling because of shutdowns related to the coronavirus pandemic. Republicans and Democrats are closing in on a deal to replenish the Small Business Administration’s Paycheck Protection Program. The loan provision in the $2 trillion economic rescue package ran out of money on Thursday, landing lawmakers in a standoff over add-ons.
What’s in the deal? The plan so far would put another $310 billion into the loan program. Republicans are resisting giving more money to state and local governments right now but agreed to a compromise with Democrats to allocate about $100 billion for coronavirus testing and hospitals. Congressional negotiators signaled the Senate could vote as soon as Monday afternoon on the measure and the House could consider it on Tuesday.
Dig deeper: Listen to Nick Eicher’s conversation with David Bahnsen about the latest economic indicators on Monday’s The World and Everything In It.
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