Additional funding for the Paycheck Protection Program, which is to provide loans to small businesses, has stalled, as Senate Majority Leader Mitch McConnell (R-Ky.)'s proposal of an additional $250 billion met objections from Democrats, who sought an alternative plan that would expand funding for hospitals ($100 billion), state and local governments ($150 billion) and food assistance to the funding package for small businesses, The Hill reported this morning. U.S. Secretary of the Treasury Steven Mnuchin reported that about $90 billion in loans through the program have been approved as of Wednesday afternoon, the article stated.
The National Federation of Independent Business (NFIB) issued a statement from President Brad Close in response to requests for additional funding of the PPPL.
“Every dollar invested in saving small businesses is a dollar invested in the backbone of the American economy, and we are encouraged by the Administration’s request for additional funds in the PPPL program. Small businesses are struggling like never before, with half telling us they won’t last more than two months in the current environment," Close said in the statement. "It is crucial these resources are not exhausted and that small businesses can have confidence the funds will be available, especially for the smallest and most vulnerable. We urge Congress to approve the additional funding so that small businesses will not have to worry that loan funds will run out before they can get their loan request approved and processed.”
The NFIB released the results of its March 2020 Small Business Optimism Index here and summarized findings in a press release here.
