Senate adjourns with no deal on small business loan program

Speaker Nancy Pelosi

Speaker Nancy Pelosi

Treasury Secretary Steven Mnuchin has been in discussions with Senate Minority Leader Charles Schumer (D-N.Y.) this week on providing more economic relief for small businesses.

Senate Majority Leader Mitch McConnell (R-Ky.) leaves the Senate floor at the Capitol in Washington on March 25, 2020. Marco Rubio, R-Fla., chairman of the Senate's small-business committee, said Thursday morning.

The standoff comes a week after both sides tried for the first time to pass their competing versions of the bill, which is viewed as an "interim" step between last month's massive $2.2 trillion stimulus and a fourth coronavirus bill expected to be passed in the coming months.

The top Democrats in Congress also said some small businesses are being excluded from the program "by big banks", calling for changes to the program amid the CCP (Chinese Communist Party) virus-fueled pandemic.

In addition to funding increased testing resources, the coalition of Senate Democrats proposed using funds to strengthen the national supply chain, "to address shortages and bottlenecks wherever they arrive", and to ensure those resources can get to states in a timely manner.

House Speaker Nancy Pelosi told fellow Democrats on Monday that it was "almost sinful" the way the Trump administration has handled the epidemic over the novel Wuhan coronavirus, citing the federal government's failure to provide adequate testing along with personal protective equipment for states caught shorthanded.

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"They are killing American small businesses".

They believe President Donald Trump will be eager for the deal when funding for the Paycheck Protection Program is projected to expire Thursday. Stop playing politics Dems!

Democrats say very small businesses or companies without an existing banking relationship have had particular trouble accessing the loans because banks have given preference to their existing customers.

The PPP has tremendous bipartisan support.

Even Democratic Sen. Kyrsten Sinema (Ariz.) joined Republicans in the outrage over the absence of small business loans. "We see no reason why we can't come to an agreement", he said".

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