8: 35 pm
WASHINGTON– Senate Bulk Leader Mitch McConnell says it’s “an interesting dispute” whether big firms ought to get small-business coronavirus relief loans.
” The main purpose obviously of this small business program was small companies,” McConnell said Tuesday.
” On the other hand, you could make an argument that if my job was lost, the size of my company doesn’t make any difference to me.
The Republican leader was answering a question from The Post about whether enough was done in half-trillion-dollar legislation that passed the Senate Tuesday to make sure large firms do not continue to get small-business funds.
An investigation by The Associated Press discovered that at least $365 million went to publicly traded companies from a $350 billion small-business program that lacked cash recently.
” In terms of how the cash’s invested, that’s a good concern to ask the administration,” McConnell (R-Ky.) stated. “I think we’re bound to learn as we move along here.”
The Paycheck Protection Program provides loans to business of up to 500 employees, and in cases more.
Large companies that took small-business loans included Ruth’s Chris, which got a $20 million loan, and the Potbelly sandwich chain, which received $10 million. Another big chain, Shake Shack, stated it will return $10 million it received.
Democrats fired back at McConnell on Tuesday night, saying he ought to have done more to ensure small businesses benefited.
Of an additional $310 billion in small-business loans authorized by the Senate on Thursday, $60 billion was reserved for small banks, cooperative credit union and other neighborhood loan providers to broaden the PPP to more services, consisting of those without savings account.
Another $50 billion was approved for the Small company Administration’s Economic Injury Disaster Loan (EIDL) program and $10 billion to the SBA’s Emergency situation Economic Injury Grant program.
” That’s a great question for Sen. McConnell. He withstood the modifications,” said Senate Minority Leader Chuck Schumer (D-NY).
” We have actually taken a giant advance,” Schumer said. “Have we done everything we need to do for small companies, rural businesses, minority companies? No. Have we taken a huge step forward so today they’re going to be in much better shape than they were prior to this expense passed? Definitely. And Leader McConnell did not propose a thing. He wanted to propose $250[billion] for the PPP program, when in truth the EIDL program and the grant program much better serve small businesses.”
Home Speaker Nancy Pelosi (D-Calif.) added about the community banking change in the new bill, “there is a reserve– $60 billion set aside for this particular purpose, it would not have existed without the Democratic proposal.”
At the day-to-day White Home interview Monday, President Trump said large business would have to return loans “if we believe it’s unsuitable.” The House is expected to pass the additional funds Thursday.
