House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer reiterated their calls for an “interim emergency” coronavirus relief package on Monday, renewing their efforts to get more than $500 billion in additional funding for Americans, businesses, and hospitals amid the pandemic, Fox News informed.
Pelosi, D-Calif., and Schumer, D-N.Y. released a joint statement on Monday, where they outlined their “urgent priorities” for this interim package, which would include small businesses, families and working Americans.
“Small businesses, hospitals, frontline workers and state and local governments across the country are struggling to keep up with this national crisis. They need more help from the federal government and they need it fast – our nurses, doctors and health care workers need it as much as anyone else,” they said, while saying “it’s clear” that the more than $2 trillion allocated as part of the already-passed CARES Act stimulus “will not be enough to cover the tremendous need.”
Pelosi and Schumer urged for changes to the Small Business Administration’s assistance initiatives, stating that “many eligible small businesses continue to be excluded from the Paycheck Protection Program by big banks with significant lending capacity.”
“Funding for COVID-19 SBA disaster loans and grants must be significantly increased to satisfy the hundreds of billions in oversubscribed demand,” they added.
The Paycheck Protection Program helps businesses with less than 500 employees to manage to get loans that can cover eight weeks of their payroll, benefits, rent and other expenses. The loans will be converted to grants and fully forgiven if 75 percent of the loan is used to keep employees on the payroll. The program was created as part of the $2.2 trillion CARES Act that passed last month.
Yet Senate Majority Leader Mitch McConnell, R-Ky., sought to pass a $250 billion cash infusion for the PPP—pushed by the White House—last week, but Democrats blocked the effort because they want add-ons to help businesses in disadvantaged communities and an additional $250 billion in funds for other priorities.
The additional funding is being sought amid concerns that the original $350 billion program to help businesses stay afloat during the coronavirus pandemic could run dry in the near future in the face of an enormous demand.
Democrats argued that they had a better plan. Their proposal would cost roughly double the Republicans’ and include an additional $100 billion for hospitals and $150 billion more for state and local governments as well as increases to food assistance benefits.
As part of that plan, Pelosi and Schumer called for additional support for food stamps—or SNAP—by increasing the maximum SNAP benefit by 15 percent.
“We cannot abandon those who are facing a life-and-death struggle to put food on the table,” they said.
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