Trump says he hopes to have Senate vote Tuesday on more coronavirus aid for small businesses

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

President Donald Trump said Monday night he’s hopeful for a Senate vote Tuesday on a deal that would replenish a loan program for small businesses devastated by the coronavirus, as he cited “tremendous progress” in negotiations.

Senate Majority Leader Mitch McConnell said Democratic lawmakers were “still prolonging their discussions with the administration so the Senate, regretfully, will not be able to pass more funding for Americans’ paychecks today.” But the Kentucky Republican said the Senate would reconvene Tuesday because the matter was “so urgent.”

The emerging agreement, reports The Wall Street Journal, would send about $310 billion more to the Paycheck Protection Program, which last week ran out of its initial $350 billion. The deal is also expected to include $75 billion in aid for hospitals, $60 billion for the Small Business Administration’s Economic Injury Disaster Loan Program and $25 billion to expand virus testing across the U.S.

Related:Small-business owners express confusion, fear over federal bailout fund

And see:Coronavirus small-business aid program could ultimately need $1.8 trillion in funding

“We hope to have an agreement very soon,” Trump told reporters at the White House on Monday night. “Hopefully tomorrow the Senate’s going to be able to vote,” he said.

Republicans initially had pushed just for replenishing the loan program for small businesses, and they had resisted Democratic calls for tacking on other provisions, such as money for health-care institutions or having more PPP loans channeled through community-based financial institutions that serve a diverse range of enterprises.

The loan program for small businesses initially received $350 billion in last month’s $2.2 trillion coronavirus package, known as the CARES Act, or Washington’s “Phase 3” response to the pandemic. The PPP ran out of money Thursday.

In addition to boosting the PPP, which some analysts are describing as a “Phase 3.5” response, Democratic and Republican lawmakers and the Trump administration are working on “Phase 4” legislation targeting the coronavirus crisis. Analysts have predicted that next big spending package, also called CARES 2, could cost about $1 trillion and not become a reality for several weeks.

U.S. stocks SPX, -1.78% finished near session lows Monday as investors watched oil futures crash, overshadowing optimism about plans for a staggered easing of global lockdowns in the wake of the COVID-19 pandemic. West Texas Intermediate crude for May delivery CLK20, -104.15% finished down $55.90 on Monday, down more than 306%, to settle deeply in negative territory at -$37.63 a barrel on the New York Mercantile Exchange.

Originally Published on MarketWatch

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

‘He is the perfect signing’ – is Jota key to Liverpool’s success?on November 27, 2021 at 8:21 pm

Liverpool have scored more goals after 13 games than in any other top-flight season, so is "perfect signing" Diogo Jota key to their success?

The Papers: Brits flock to Spain as EU leaders condemn Belaruson May 24, 2021 at 11:45 pm

Tuesday's front pages look back at Covid deaths in hospitals and ahead to further lockdown easing.The Daily Mirror reports that the Manchester United footballer...

Young people cut back on video streaming serviceson July 18, 2022 at 11:05 am

The rise in the cost of living has led to more people cutting their subscription services.Image source, Getty ImagesMore households in Britain are cancelling...

Ukraine war: Allies to meet as Kyiv requests tank donationson January 20, 2023 at 5:17 am

Talks will focus on military aid, with pressure on Germany to allow Ukraine its Leopard tanks.Image source, ReutersBy James FitzGeraldBBC NewsDozens of countries allied...

Tucker Carlson: Fox News names Jesse Watters to replace star anchoron June 26, 2023 at 4:57 pm

Jesse Watters, who joined the network in 2002, will host the channel's primetime evening slot.Image source, Getty ImagesBy Sam CabralBBC News, WashingtonFox News has...
Home of Science
Follow me