Senate Majority Leader Mitch McConnell is requesting an additional $250 billion for the Small Business Paycheck Protection Program (PPP). The PPP is expected to run dry if additional funding is not appropriated. According to the Administration, $70 billion in loans for more than 200K small businesses has already been given out. Since Congress is not expected to reconvene until week of April 20, McConnell tried to ask for unanimous consent on the Senator Floor but was unsuccessful. The Senate hit an impasse over the additional funding for PPP and will resume talks on Monday.
Democrats agree with the additional funding for the PPP program but want additional needs to be addressed in this interim funding bill. Senate Democrats unveiled their $500 billion plan early yesterday. The plan includes $250 billion for the PPP program, under which loans are 100% forgivable if employers maintain their payroll. In addition, Democrats have asked that $125 billion be set aside for small banks and credit unions to help serve woman-minority-and veteran-owned businesses. Senate Democrats are also calling for $100 billion in funding for hospitals, healthcare providers and community health centers. The final provision of the package is $150 billion in financial relief for state, local and tribal governments.
While this is the proposed package by Senate Democratic Leader Chuck Schumer, some Democrats are calling for hazard pay and a 15% increase to the maximum SNAP benefits families can receive. Hazard pay would be for truck drivers and grocery and healthcare workers. Details on the amount of hazard pay are still being discussed.
The fourth coronavirus relief bill, or what many are referring to as CARES Act 2.0, will likely not be drafted until the end of April. President Trump and Democrats are calling for an infrastructure plan to be included in the fourth bill. Secretary Mnuchin has confirmed he has ongoing discussions with Democrats about an infrastructure plan. More details about specifics in a fourth plan are expected be unveiled in the coming weeks.
