LOUISVILLE, Ky (KT) – The small business Paycheck Protection Program, a part of the $2.2 trillion CARES Act enacted a dozen days ago, needs more funding, said Senate Majority Leader Mitch McConnell.
“Even as the CARES Act continues to come online, one such need is already clear: The small-business Paycheck Protection Program needs more funding. This bold legislation from Chairman Marco Rubio, Chairman Susan Collins, Senator Ben Cardin, and Senator Jeanne Shaheen is providing emergency liquidity to Main Street businesses nationwide to keep paychecks coming.”
McConnell said the program has become “overwhelmingly popular” and billions of dollars have been processed with tens of billions already in the pipeline. “Jobs are literally being saved as we speak,” he said. “But it is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry. That cannot happen. Nearly 10 million Americans filed for unemployment in just the last two weeks. This is already a record-shattering tragedy and every day counts.”
Congress needs to act with speed to provide more money for the bipartisan program, McConnell said.
“As the Administration works to implement this historic legislation and push money out the door, Senate Republicans believe any potential further action will need to be tailored to the actual needs of our nation, not plucked off preexisting partisan wish lists,” he said..
McConnell promised to work with Secretary (Steven) Mnunchin and Leader (Chuck) 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.