Coronavirus Government Response Update—Senate Will Vote to Pass More Small Business Aid
April 8, 2020
Welcome to the Coronavirus Government Response Update. This information is intended to keep ISSA members up to date on fast-moving government affairs related to the COVID-19 pandemic, as well as other public policy issues important to the cleaning industry. Today’s update touches on the U.S. Senate voting to pass more small business aid, outages and delays marring the new small business loan program, U.S. President Donald Trump and congressional leaders converging on the need for a new coronavirus economic package, and more.
Senate Will Vote to Pass More Small Business Aid, McConnell Says
Senate Majority leader Mitch McConnell said he hopes to approve further funding Thursday to buoy small businesses devastated by the coronavirus pandemic. “I will work with Secretary Mnuchin and Leader Schumer and hope to approve further funding for the Paycheck Protection Program by unanimous consent or voice vote during the next scheduled Senate session on Thursday,” he said in a statement. Sen. Marco Rubio, a Florida Republican and chairman of the Senate Small Business and Entrepreneurship Committee, flagged the news in a tweet moments before McConnell’s statement.
Outages and Delays Mar New Small Business Loan Program
The electronic system the Small Business Administration is using to set up new coronavirus loans was down much of Monday, according to senior banking executives, making it impossible for many new loans to be guaranteed. Billions of dollars in loans sought by small businesses trying to pay employees and keep their doors open were on pause as the SBA, supported by the U.S. Treasury, grapples with the demand on its system. There are an estimated 30 million small businesses in America.
Trump and Congressional Leaders Converge on Need for New Coronavirus Economic Package
U.S. Congressional leaders and the White House are converging on the need for a new assistance package to try to contain the coronavirus pandemic’s economic devastation, fearful that a US$2 trillion bailout law enacted last month will have only a limited effect. Democrats in the U.S. House of Representatives are eyeing a package of spending increases that would “easily” cost more than $1 trillion, Speaker Nancy Pelosi (D-Calif.) told lawmakers, according to two officials on the conference call who spoke on the condition of anonymity to discuss it. Democrats are looking to extend unemployment aid and small-business assistance for additional months, as well as authorize another round of direct checks to taxpayers.
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