Home Economy McConnell: Senate to Pass More Small Business Aid Thursday

McConnell: Senate to Pass More Small Business Aid Thursday

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WASHINGTON, DC - MARCH 25: U.S. Senate Majority Leader Mitch McConnell (R-KY) gives a thumbs up sign after speaking on the floor of the U.S. Senate on March 25, 2020 in Washington, DC. The Senate reportedly reached agreement early this morning on a stimulus bill to combat economic effects caused by the COVID-19 virus, and is expected to pass the bill later today. (Photo by Win McNamee/Getty Images)

Senate Majority Leader Mitch McConnell, R-Ky., said Tuesday that legislators will vote for additional funding for small businesses affected by the coronavirus outbreak on Thursday.

“I will work with [Treasury Secretary Steven Mnuchin] and [Senate Minority Leader Chuck Schumer, D-N.Y.,] 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,” McConnell said in a statement, according to CNBC.

Sen. Marco Rubio, R-Fla., the chair of the Senate Small Business and Entrepreneurship Committee, confirmed the news in a tweet earlier on Tuesday.

“Good news on [the Paycheck Protection Program]. [McConnell] is working with [Schumer] & hopes to approve additional funding by voice vote during the Senate’s pro forma session this week on Thursday 9 April. We will need at least another $200-$250 billion for [the program],” Rubio tweeted.

Schumer and Sen. Ben Cardin, D-Md., the ranking member of the Senate Small Business Committee, said in a statement to CNBC that Schumer has not heard from McConnell and Cardin has not heard from Rubio.

The Democratic senators said in a release on Thursday: “Without proactive and sustained outreach, we can expect that underserved communities will be disproportionately harmed – just as they were during the Great Recession when minority business enterprises suffered a precipitous decline in the proportion of SBA-backed loan approvals.”

via newsmax

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