A partisan skirmish in the U.S. Senate cut short a Republican effort to speed $250 billion in new assistance to small businesses on Friday, forcing Republicans and Democrats to negotiate over how best to help independent firms reeling from the coronavirus outbreak.
U.S. Senate Majority Leader Mitch McConnell walks to the Senate Chamber floor on Capitol Hill in Washington, U.S. , April 9, 2020. REUTERS/Tom Brenner
Democrats want to mandate that $60 billion of new small-business money would be set aside for community-based lenders, including minority-run institutions. “To my Democratic colleagues, please – please - do not block emergency aid you do not even oppose just because you want something more,” McConnell said.
The National Restaurant Association, in a letter to congressional leaders, said a growing number of restaurant owners are concluding that the loan program “is not going to prevent them from permanently closing operations in local communities.” Congress and the Trump administration hope the small-business loans, coupled with aid to larger corporations, direct payments to individuals and emergency funding for hospitals, will help the United States recover from the economic devastation of the coronavirus outbreak.The pandemic has shuttered schools and businesses and left most of the nation’s population sheltering at home. On Thursday, the Labor Department said a staggering 16.
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