Article

Restarting The Paycheck Protection Program

By Stefano Tromba
September 17, 2020

A push to restart the Paycheck Protection Program (PPP) is in the works.

GOP lawmakers unveiled a proposal yesterday to reopen applications for the unspent $138 billion from the small business loan program.

Lawmakers will also seek out to force a vote on a bill to replenish a key coronavirus small business aid program. Reps. Steve Chabot of Ohio and Jaime Herrera Beutler of Washington plan to introduce these proposals.

Under the current legislation, companies could apply for a second loan if they have fewer than 300 employees and have seen revenue decline by 25%. The GOP is expected to be able to start gathering signatures on the petition next Friday. They would need 218 to move toward a vote. If all 198 Republicans support the move, the party would need just 20 Democrats to join.

Butting Heads

The terms of a second stimulus package has been a point of contention between both political parties. Democrats have stated that only a comprehensive coronavirus relief package will be considered. They have previously rejected efforts to renew single relief policies and push for legislation that would cost at least $2.2 trillion.

This move by Republicans is a sign of clear frustration between both parties continues to negotiate more COVID-19 related funding.  Both sides are becoming impatient as no forward progress has yet to be seen and the election 47 days away.

President Donald Trump urged Republicans to support a more ambitious stimulus package on Wednesday. However, White House chief of staff Mark Meadows, said he’s become optimistic about a deal in the last few days.

On Tuesday, the bipartisan House Problem Solvers Caucus put forward a $1.5 trillion plan, which Democratic leaders again, have opposed.

Last week, Senate Democrats blocked a roughly $500 billion Republican relief plan that Democrats called inadequate to address economic and health-care crises. The saga continues.

Table of Contents

Work smarter, not harder

Automate your payroll and HR systems with Fingercheck today!

Stay in the loop

Subscribe to our blog to stay updated on the latest Fingercheck updates, industry news, payroll, employee management tools, and HR tips.

This field is for validation purposes and should be left unchanged.
Shopping Cart
Scroll to Top