Help is on the way. Senate Republicans have applauded a deal to refund the relief to coronavirus-stricken businesses after 12 days of delay thanks to the Left stalling. It’s time for the Liberals to put aside reflexive partisanship and work to help our nation through this pandemic.
The bill includes $310 billion to refund the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships. Another $60 billion is set aside for the Economic Injury Disaster Loan fund, which is administered directly by the Small Business Administration, rather than the banks. Another $75 billion for cash-strapped hospitals and healthcare providers to cover the massive costs associated. The bill also allocates $25 billion for coronavirus testing. $11 billion of that money earmarked for states and local governments to expand their testing capacity.
This will replenish funds for emergency small business lending programs and shore up national coronavirus testing.
Senate Majority Leader Mitch McConnell criticized Democrats for stalling the relief deal in order to wedge unnecessary provisions into the bill. “Republicans never wanted this crucial program for workers and small businesses to shut down,” said McConnell according to Fox News. “We tried to pass additional funding a week before it lapsed,” he explained. “But Democratic leaders blocked the money and spent days trying to negotiate extraneous issues that were never on the table. I am grateful our colleagues have walked away from those demands and will finally let Congress act.”
Republicans got more money for small businesses than previously requested and fended off the additional money Democrats wanted to go towards state and local governments. Democrats are pushing for the federal government to take the lead while Republicans want to leave that authority to the states.
President Trump outlined this plan for further relief after the deal was completed and signed into law. He wants to begin discussions on the next Legislative Initiative with fiscal relief to State/Local governments for lost revenues from COVID 19, much needed infrastructure investments for bridges, tunnels, broadband, tax incentives for restaurants, entertainment, sports, and payroll tax cuts to increase economic growth.
The House could vote on that legislation as soon as possible, after which it will be signed into law by President Trump. After that, lawmakers from both sides of the aisle are expecting to begin negotiating on another round of stimulus legislation—that would be the fourth major economic rescue bill.