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Home / Business / Both Democrats, the GOP is now on board for a second wave of PPP loans

Both Democrats, the GOP is now on board for a second wave of PPP loans



part of the Health Act. They want “small employers the hardest hit” so they can get a second loan. “Data-reactid =” 16 “> Senate Republicans announced on Monday a plan for the next wave of the Health Care Salary Program. so that “small employers are most affected”

; by the opportunity to get a second loan.

Senator Ben Cardin (D-MD) said he was largely aware of how Republicans set out their proposal in an interview with Yahoo Finance on Tuesday.

Democratic plan and the republican plan. Cardin noted that “there are many similarities” between his democratic plan and the republican plan.

interview with Yahoo Finance in May said “8 weeks will not be enough.” Cardin is a leading Democrat on the Senate Small Business Committee, which oversees the small business administration and program along with Senator Marco Rubio (R-FL). Loans and in an interview with Yahoo Finance in May said that “8 weeks will not be enough.” Cardin is a leading Democrat on the Senate Small Business Committee, which oversees the small business administration and program with Senator Marco Rubio (R-FL).

Care Act was enacted in March. He was then given $ 310 billion in additional funding in April. As of Monday, the program has given nearly $ 520 billion in simple loans. The PPP program was created with $ 349 billion in funding when the CARES law was enacted in March, and then received $ 310 billion in additional funding in April. $ 520 billion in spatial loans.

Senator Ben Cardin, MP and Senator Marco Rubio, State of the Russian Federation, were the key voices of each party in creating and continuing the payroll program. (Chris Maddaloni / CQ Roll Call)

“When Senators Rubio, Cardin, Shahin and I developed this program back in March, we had no idea how long the economic closure would last to mitigate the spread of COVID-19,” Senator Susan Collins (R-ME) said in a statement. Monday.

Under the GOP plan, businesses with fewer 300 employees who have reduced income by 50% or more will gain access to loans. Cardin pointed to one point in the talks that still needs to be ironed out: “The Republican bill has 300, our bill has 100 or less,” he said.

summary of the bill, borrowers will have significantly fewer documents to complete, especially for loans up to $ 150,000; but businesses must keep their records, as the SBA reserves the right to “review and revise these loans to prevent fraud.” “” data-reactid = “48”> In addition to choosing a second loan, lawmakers also want to simplify the process of loan forgiveness. According to the bill, borrowers will have significantly fewer documents to fill out, especially for loans of up to $ 150,000, but businesses must keep their records, as the SBA reserves the right to “review and verify these loans to ensure their fraud.” .

In a statement issued shortly after Collins and Rubio’s speech, Richard Hunt, president and CEO of the Bankers’ Association, called for more information on how the loan forgiveness process would work. Hunt said the most basic modern process requires significant small business resources, and “Congress needs to improve the language of forgiveness by providing crystal clear, guiding recommendations.”

recently said. “data-reactid =” 50 “> Cardin has pushed the SBA for more transparency about the program.” I look forward to receiving additional information gathered during the loan forgiveness process so that we can better understand how PPPs reach small businesses with insufficient community levels, ”he said recently.

The GOP plan also includes new provisions on what businesses can spend PPP money on. Senator Collins noted that businesses will be able to use the funds to improve the HVAC system, buy masks or plexiglass, or add chairs on the street to encourage social backwardness.

NEW YORK CITY – JULY 27: The canteen on the street is open as the city continues Phase 4 of the reopening following restrictions imposed to slow the spread of coronavirus on July 27, 2020 in New York City. Many restaurants have built outdoor seating on the streets to allow for social distancing between patrons. The fourth phase includes art and outdoor entertainment, sports without fans and media products. (Photo by Jamie McCarthy / Getty Images)

the result of the plan indicates other permitted uses, such as upgrading of human resources or accounting systems or costs associated with recent social unrest. The consolidated plan indicates other permitted uses, such as upgrades of human resources or accounting systems or costs associated with recent social unrest.

The GOP plan also provides for the allocation of money to employers with 10 or fewer employees, “to make sure that the money does not run out without a group of small businesses receiving the necessary assistance,” Rubio said recently. focus on a micro-enterprise with 10 or fewer employees.

Even if both sides agree on the final details of PPP loans, they will almost certainly have to wait for negotiations on a larger – and much more thorny – stimulus bill to implement them. Senate Majority Leader Mitch McConnell (R-KY) has warned that the process could take weeks.

August 8 is a key deadline for PPP-focused lawmakers – as of now, the program will no longer be able to accept new applications. Although a long wait, Cardin is set up that “if we can get the score to the finish line, it will include a second round for PPP.”

Read more:

Stimulating coronavirus tests: Many Americans would get more in the second round of GOP payments“data-reactid =” 83 “> Coronavirus scans: Many Americans will get more in the second round of GOP payments

US Democrats demand the adoption of a bill on the transparency of the PPP: SumerUS Democrats Demand PPP Transparency Bill: Sumer

The new bill will allow small businesses to get a second PPP loanThe new bill will allow small businesses to get a second PPP loan

Read the latest financial and business news from Yahoo FinanceRead the latest financial and business news from Yahoo Finance

Twitter,, Facebook,, Instagram,, Flipboard,, LinkedIn,,YouTube, and reddit.“data-reactid =” 87 “>Follow Yahoo Finance further Twitter,, Facebook,, Instagram,, Flipboard,, LinkedIn,,YouTube, and reddit.




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