The White House is still pushing Congress to provide more cash for the Paycheck Protection Program (PPP). And while we’re not there yet, President Trump said a lot of progress has been made and hopes the Senate has a vote as early as today.
As you likely know, the program provides loans to small businesses, but quickly ran out of money. The current quagmire is related to Republicans wanting to push through another infusion of funds, but Democrats wanting to make sure money for hospitals, testing as well as state and local governments is included.
For his part, Senate Majority Leader Mitch McConnell is over the delay. Opening a brief Senate session yesterday, McConnell said it is "past time" to get it done. He noted that Democrats are still negotiating with the White House on a small business bill.
Something no one likely banked on? The reason the PPP may have run dry so fast. While a number of businesses begging for assistance got nothing... LENDERS got $6-billion of the $350-billion program. And it’s no surprise...it was provided for in the legislation.
Source: White House