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Senate Majority Leader Mitch McConnell slammed Democrats Thursday as they continue to hold out on a deal to extend an additional $251 billion for emergency small business loans.
Mr. McConnell, Kentucky Republican, lamented that there has been “no progress” toward a solution as the unemployment numbers continue to climb.
“Even now, Senate Democrats are still blocking funding. Every Senate Republican was ready to act today, but Democrats would not let us reopen the program,” Mr. McConnell said. “This should be above politics.”
According to the Labor Department, there’s been a total of about 22 million jobs lost due to the coronavirus outbreak over the past month.
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The $2.2 trillion economic package that Congress passed in March allocated about $350 billion in loans that businesses with fewer than 500 employees are eligible to apply for. The “Paycheck Protection Program,” or PPP, was designed to help businesses make payroll payments for eight weeks.
As of Thursday morning, the Small Business Association’s website was unable to process new loan requests.Read the rest of the story HERE.
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