Congress could pass small business loan funds this week

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WASHINGTON, D.C. (NEXSTAR) — Democrats and Republicans agree it’s time to refill the coffers of the Paycheck Protection Program, and get emergency loan money flowing again to small businesses so they can keep employees on the payroll.

The first $350 billion ran out shortly after it was approved through the CARES act.

Now, a vote could happen this week.

Representative Gil Cisneros (D-CA) said it won’t take much to keep some small businesses afloat.

“There’s some companies out there that just like $35,000, $50,000 would help them get through this crisis for a while,” Cisneros said.

Cisneros plans to fly back to Washington Tuesday and wants Congress to quickly approve more money for the Paycheck Protection Program, which provides loans and grants to small businesses that keep employees on the payroll.

“I think it’s important we focus on the small businesses, that we get more money to our smaller, regional banks,” he said.

Representative Mike Gallagher (R-WI) agrees additional money should be focused on truly small, main street businesses

“I think there should be more clear guidance because those big companies are often in a position to devote more resources to gaming the system,” said Gallagher.

Democrats have held up the cash infusion for the program, demanding that Congress also provide more money for hospitals, healthcare, and financial support for local and state governments.

Senator Sherrod Brown (D-OH) says Congress needs to fill gaps in the $2 trillion Coronavirus Relief Act.

“It’s clear there are holes for communities, there are things we need to do for workers to keep them safe, there’s things we need to do to scale up testing,” he said.

The Senate plans a special session Tuesday with the hopes of having a compromise bill that can pass by unanimous consent.

The House could vote on the measure as early as Wednesday.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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