Lawmakers struggled on Thursday to break a stalemate over President Donald Trump's USD 250 billion emergency request for a small-business programme, stoking uncertainty about when additional support will be available in a key rescue programme now exhausted of funds.
A Senate session quickly adjourned without any progress, though staff aides to House and Senate Democrats and Treasury Secretary Steven Mnuchin convened another conference call, on legislation to shore up the Paycheck Protection Programme and demands by Democrats for potential additions.
The Small Business Administration announced Thursday it has reached its $349 billion lending limit and is no longer accepting applications, and Trump immediately weighed in on Twitter to bash Democrats.
"Democrats are blocking additional funding for the popular Paycheck Protection Program. They are killing American small businesses. Stop playing politics Dems! Support Refilling PPP NOW - it is out of funds!" Trump wrote.
GOP aides said that Mnuchin is prepared to accept additional funding sought by Democrats for hospitals, but that additional aid to state and local governments couldn't get approval in the current round.
The aides spoke on condition of anonymity to characterize internal party deliberations.
Thursday's Senate session featured a short speech by a frustrated majority leader, Mitch McConnell, R-Ky, but no effort to pass Trump's $250 billion request - or to shame Democrats, were they to block it as they did last week.
Instead, McConnell said that he had cleared the $250 billion package on the GOP side but that Democrats would have stopped it.
"Democrats would not let us reopen the program," McConnell said. "This really should be above politics."
"Well, look, we'd take a look at it. My members want to plus up the small-business program. We think the need is obvious," he told reporters. "And all the money for the other programs is not yet out the door. It doesn't mean we won't be dealing with them later, but we have an emergency, we ought to deal with it."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
