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Senate Democrats Block GOP Effort To Boost Small-Business Aid

"We need more funding — and we need it fast," Senate Majority Leader Mitch McConnell said on the Senate floor.
Patrick Semansky
/
AP
"We need more funding — and we need it fast," Senate Majority Leader Mitch McConnell said on the Senate floor.

Senate Democrats blocked a GOP effort to add $250 billion in coronavirus-related small-business loans.

"We need more funding — and we need it fast," Senate Majority Leader Mitch McConnell said on the Senate floor. "To my Democratic colleagues, do not block emergency aid you do not oppose just because you want something more. We do not have to do everything right now."

Congressional Republicans and the White House want to increase the total amount of loans available through the Paycheck Protection Program from $350 billion to $600 billion.

Democrats do not object to the increase in funding, but they are calling for half of the new money to be targeted to "community-based financial institutions" which they say help businesses owned by minorities, veterans and rural Americans across the country.

House Speaker Nancy Pelosi, D-Calif., said in an interview on NPR's All Things Considered that the White House does not support that proposal.

"One of the concerns that we have about the original $350 (billion) is a lot of money [is] first come, first serve, and many unbanked people who are underbanked or unserved on that basis ... don't have banking relationships ... in a way that others do," Pelosi said. "So we said for the next $250 (billion), we really need to have a percentage of that — $60 billion — that would go to something called the community development of financial institutions."

Sen. Ben Cardin, D-Md., called McConnell's request a "political stunt," adding it won't help small businesses as immediately as adding more funding for grant programs. Cardin, who helped negotiate the small-business loan package, said he wants to work in a bipartisan way on a broader package.

"The grant program is out of funds," Cardin said. "They need money today in order to process applications. The SBA doesn't need money today to process the Paycheck Protection Program."

Democrats offered an amendment to add $100 billion for hospitals and $150 billion for state and local government in addition to the small-business spending, along with the restrictions. Republicans blocked that effort.

Copyright 2021 NPR. To see more, visit https://www.npr.org.

Kelsey Snell is a Congressional correspondent for NPR. She has covered Congress since 2010 for outlets including The Washington Post, Politico and National Journal. She has covered elections and Congress with a reporting specialty in budget, tax and economic policy. She has a graduate degree in journalism from the Medill School of Journalism at Northwestern University in Evanston, Ill. and an undergraduate degree in political science from DePaul University in Chicago.

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.