Senate passes $484 billion coronavirus bill for small business and hospital relief, testing
The small business loans, forgivable if recipients use the money for wages, benefits, rent and utilities, are designed to keep employees on the payroll. The money dried up quickly, though, leaving numerous small businesses in limbo. The fact that some larger chain companies benefited from the first round of funding increased frustrations for firm owners who did not receive loans.
Earlier this month, Democrats rejected a Republican proposal to put $250 billion into the existing small business program. Democrats pushed for tweaks, including more money for rural and minority-owned small businesses and additional funding for SBA disaster assistance loans and grants. They also sought more money for hospitals, states and municipalities — though Republicans opposed funding for governments, which the bill passed Tuesday did not include.
The GOP accused Democrats of abandoning small business owners and workers by not quickly injecting money into the program.
“I am just sorry that it took my colleagues in Democratic leadership 12 days to accept the inevitable, and that they shut down emergency support for Main Street in a search for partisan ‘leverage’ that never materialized,” Senate Majority Leader Mitch McConnell said Tuesday before the Senate passed the legislation.
Speaking ahead of the vote, Senate Minority Leader Chuck Schumer called the bill “significantly better and broader” than the one Democrats blocked earlier this month. He said it is more “effective’ and “inclusive,” adding that it addressed additional priorities such as hospital funding and testing.
Even as the bill passed with no opposition, two senators out of the handful of lawmakers present Tuesday criticized the chamber’s process. Sen. Mike Lee, R-Utah, argued that the Senate should stop trying to pass legislation by unanimous vote and bring back lawmakers for an official tally.
Sen. Rand Paul, R-Ky., criticized the staggering sums of taxpayer money Congress has directed toward the crisis, contending the U.S. should reopen its economy instead.
Congress will likely pass one or more additional bills to try to rescue the economy after it approves the emergency small business bill. Democrats plan to push to expand vote-by-mail during the pandemic, extend the enhanced unemployment insurance passed last month and increase protections for Americans still required to go into work.
Schumer said he would seek money for the U.S. Postal Service, assistance for renters and hazard pay for workers.
In tweets Tuesday, President Donald Trump said he wanted to see relief for state and local governments, along with infrastructure funding and a payroll tax cut, in the next congressional package.
Article source: https://www.cnbc.com/2020/04/21/coronavirus-senate-passes-484-billion-small-business-relief-bill.html