White House Agrees to Bipartisan Talks on Interim ‘Paycheck Protection’ Bill

April 10, 2020 by Dan McCue
White House Agrees to Bipartisan Talks on Interim ‘Paycheck Protection’ Bill
In this image from video, Senate Minority Leader Chuck Schumer, D-N.Y., speaks on the Senate floor at the U.S. Capitol in Washington, Wednesday, March 25, 2020. (Senate Television via AP)

WASHINGTON — The Trump administration agreed on Friday to pursue bipartisan talks with members of the House and Senate on an interim bill to boost funding to the federal government’s $350 million “Paycheck Protection” program.

Senate Minority Leader Chuck Schumer said Friday afternoon that he had spoken with Treasury Secretary Steven Mnuchin and that he came away from the conversation hopeful that a deal could be struck sometime early next week.

Schumer’s comments come a day after Democrats blocked an attempt by Senate Majority Leader Mitch McConnell, R-Ky., to pass a $250 billion infusion into the business program by a voice vote.

Sen. Ben Cardin, D-Md., ranking member on the Senate Small Business Committee, said he stopped the Republican effort in its tracks because it wouldn’t go far enough to address the immediate needs of small businesses.

The proposal he said, “leaves out where small businesses need help today. “

The $349 billion “Paycheck Protection” program is the first part of the $2.3 trillion coronavirus economic rescue package to get up and running.

It relies on an existing SBA guaranty program to give small businesses forgivable loans to cover up to eight weeks of payroll and other fixed costs. If the companies mostly use the money to pay their workers during the pandemic’s economic shutdown, then they won’t have to pay it back.

Congress is in an unprecedented situation in which convening either chamber to do business requiring roll call votes is out of the question as the nation is locked down by the coronavirus pandemic. That means legislation has to advance by consensus only. 

Democrats say they want safeguards to ensure that funding under the program can reach all eligible businesses, including those that do not have established credit relationships with banks such as minority-owned firms.

Schumer himself has said he is pressing to add funding for health care providers such as hospitals, as well as further funding for cash-poor state and local governments.

A+
a-
  • bipartisan
  • Steven Mnuchin
  • White House
  • In The News

    Health

    Voting

    Economy

    Inflation Slowed Further in December as Economic 'Soft Landing' Moves Into Sharper Focus

    WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a... Read More

    WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship. Friday’s... Read More

    Americans' Economic Outlook Brightens as Inflation Slows and Wages Outpace Prices

    WASHINGTON (AP) — After an extended period of gloom, Americans are starting to feel better about inflation and the economy —... Read More

    WASHINGTON (AP) — After an extended period of gloom, Americans are starting to feel better about inflation and the economy — a trend that could sustain consumer spending, fuel economic growth and potentially affect President Joe Biden's political fortunes. A measure of consumer sentiment by the University of Michigan has... Read More

    Some Americans Will Get Their Student Loans Canceled in February as Biden Accelerates New Plan

    WASHINGTON (AP) — The Biden administration will start canceling student loans for some borrowers in February as part of a new... Read More

    WASHINGTON (AP) — The Biden administration will start canceling student loans for some borrowers in February as part of a new repayment plan that's taking effect nearly six months ahead of schedule. Loan forgiveness was originally set to begin in July under the new SAVE repayment plan, but... Read More

    In Milwaukee, Biden Looks to Highlight Progress for Black-Owned Small Businesses

    WASHINGTON (AP) — President Joe Biden is aiming to use a visit to the battleground state of Wisconsin on Wednesday... Read More

    WASHINGTON (AP) — President Joe Biden is aiming to use a visit to the battleground state of Wisconsin on Wednesday to spotlight a surge in federal government support for Black-owned small businesses during his White House tenure and to highlight his administration's efforts to ramp up... Read More

    Wall Street Rises on Hopes for Rate Cuts, as Dow Ticks Toward Another Record

    NEW YORK (AP) — Wall Street is ticking higher Thursday following its big rally the day before on excitement that... Read More

    NEW YORK (AP) — Wall Street is ticking higher Thursday following its big rally the day before on excitement that several cuts to interest rates may indeed be coming next year. The S&P 500 was 0.3% higher in morning trading and within 1.5% of its all-time... Read More

    Biden to Convene New Supply Chain Council, Announce 30 Steps to Strengthen US Logistics

    WASHINGTON (AP) — President Joe Biden on Monday will convene the first meeting of his supply chain resilience council, using the event... Read More

    WASHINGTON (AP) — President Joe Biden on Monday will convene the first meeting of his supply chain resilience council, using the event to announce 30 actions to improve access to medicine and needed economic data and other programs tied to the production and shipment of goods. “We’re determined... Read More

    News From The Well
    scroll top