Tuesday, lawmakers reached a deal to replenish the empty Paycheck Protection Program, which has already run out of cash. The program originally received $350 billion to be dished out to small businesses who were struggling in the economic shutdown created in response to COVID-19.
House and Senate Democrats have held up the replenishment of the fund in order to fund their pet projects. Again.
First, here’s a breakdown of what the deal entails:
Further explained here:
On the politics of the deal, Sen. Rubio explains:
More from The Hill:
The package does not include the tens of billions of dollars that Democratic leaders demanded in new money for a state stabilization fund included in last month’s $2.2 trillion CARES Act.Schumer vowed to include more money for states in the next coronavirus relief package passed by Congress, which may rival the CARES Act in size.“Democrats are disappointed that the administration has not agreed to more funding for state, tribal and local governments on the front lines of this crisis who desperately need an infusion of funds to pay the essential workers who keep us safe,” Schumer and Pelosi said in a joint statement.“However, we are pleased that the president has committed to addressing this critical priority in CARES 2 and will work with urgency to see that this commitment is fulfilled,” they said.
President Trump is urging Congress to quickly re-up the PP:
CLICK HERE FOR FULL VERSION OF THIS STORY