facebook linkedin twitter

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

April 10, 2020 by Dan McCue
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.

In The News

Health

Voting

Economy

July 30, 2021
by Daniel Mollenkamp
Bidenomics Means Increasing 'Worker Power,' Advisor Argues

WASHINGTON -- The success of President Joe Biden's promise to breathe new life into the American working and middle class... Read More

WASHINGTON -- The success of President Joe Biden's promise to breathe new life into the American working and middle class will hang on the administration's ability to build up the power of workers, according to a group of economic experts. They say to be successful it... Read More

July 29, 2021
by TWN Staff
US Economy Continues to Grow, Eclipses Pre-Pandemic High

WASHINGTON -- The U.S. economy grew at an annualized rate of 6.5% in the second quarter, as vaccinations that released... Read More

WASHINGTON -- The U.S. economy grew at an annualized rate of 6.5% in the second quarter, as vaccinations that released pent up consumer activity finally lifted the nation out of the pandemic-sized crater it had been in for more than a year. The numbers released Thursday... Read More

Biden Admin Stepping Up Community Grants from COVID Bill

WASHINGTON (AP) — President Joe Biden's administration is beginning to make $3 billion in economic development grants available to communities... Read More

WASHINGTON (AP) — President Joe Biden's administration is beginning to make $3 billion in economic development grants available to communities — a tenfold increase in the program paid for by this year's COVID-19 relief bill. Commerce Secretary Gina Raimondo said her agency on Thursday will begin... Read More

July 21, 2021
by Brock Blasdell
Arizona Outpaces Nation In Post-COVID Private Sector Job Recovery

According to a recently released economic report by the Arizona Office of Economic Opportunity, the state of Arizona has outpaced... Read More

According to a recently released economic report by the Arizona Office of Economic Opportunity, the state of Arizona has outpaced the nation in private sector economic recovery post-COVID. In June alone, Arizona added 26,000 private sector jobs to its economy -- a rate 17% higher than... Read More

Biden's 3rd Trip to Reddish Ohio Pushes His Economic Agenda

WASHINGTON (AP) — President Joe Biden just can't quit Ohio — even if it rejected him in last year's election.... Read More

WASHINGTON (AP) — President Joe Biden just can't quit Ohio — even if it rejected him in last year's election. The Democrat travels to Cincinnati on Wednesday to push his economic policies. It's the third visit of his presidency to Ohio, the only state he lost... Read More

July 15, 2021
by Tom Ramstack
Congress Searches for Way to Make Supply Chains Resilient

WASHINGTON -- The Senate continued its search Thursday for ways to prevent the kind of devastation brought to U.S. supply... Read More

WASHINGTON -- The Senate continued its search Thursday for ways to prevent the kind of devastation brought to U.S. supply chains by COVID-19. Industry executives told a Senate panel the pandemic exposed U.S. dependence on foreign suppliers to keep the lights on for their businesses. As... Read More

News From The Well
scroll top