Restarting The Paycheck Protection Program
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.
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.