Senate Democrats block $250 billion for coronavirus small business loans

Senate Democrats on Thursday blocked legislation to add $250 billion to a small-business loan program designed to prevent layoffs during the coronavirus outbreak.

The move means that Congress won’t pass an expansion of the Paycheck Protection Program, which is running out of money, until next week at the earliest.

The Senate adjourned until Monday after Sen. Ben Cardin (D-Md.) objected to holding a unanimous voice vote.

The small-business program gives companies with up to 500 employees, and in exceptions more, loans to cover payroll and overhead. The loans will be forgiven if they don’t lay off workers.

The program launched Friday with massive interest from employers, after unemployment surged by 10 million people as businesses were ordered closed by governments.

Democrats, led by Minority Leader Chuck Schumer of New York, had pushed for a package totaling $500 billion, including the $250 billion in small-business funds and an additional $100 billion ... (Read more)

Latest News