Small Business Fund Needs Replenishing

Congress is in recess until May 4.

The $350 billion in funding for the federal government’s small business relief program is exhausted. As a result, hundreds of thousands of businesses are without a lifeline, doing what they can to survive the pandemic.

Replenishment of the fund has been held up by disagreement between members of Congress on structuring the program which is intended to help small businesses keep employees on their payroll.

According to the Senate Committee on Small Business and Entrepreneurship, the program is in such high demand that it was burning through more than $3.5 billion every hour that loans were processed in the last few days.

Senate Majority Leader Mitch McConnell tried last week to pass a bill that would infuse another $250 billion into the program, but his actions were blocked by partisans. Treasury Secretary Steven Mnuchin has been meeting with Senate Minority Leader Chuck Schumer in efforts to shore up the program. He also met with aides from the House.

“President Trump, Secretary Mnuchin, and Senate and House Republicans simply want to add more funding for this job-saving program that both parties designed together. There is no time to insist on sweeping renegotiations or ultimatums about other policies that passed both houses unanimously,” McConnell said.

Meanwhile, Congress is in recess until May 4 as they practice social distancing.

As the Lord Leads, Pray with Us…

  • For members of Congress to pull together to get the additional relief funding for America’s small businesses.
  • About the need for funding of other items in emergencies as well, such as hospitals and state and local governments.

Sources: Politico, Washington Examiner, Newsmax


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