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April 21, 2020 at 01:32 PM
Signaling that an agreement has been reached on new stimulus funds for small businesses, President Donald Trump tweeted Tuesday afternoon: “I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing. After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief….”
He continued, “….to State/Local Governments for lost revenues from COVID 19, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth.”
The Senate is set to meet at 4 p.m. Tuesday.
According to a summary of the bill, amendments to the Paycheck Protection Program, Economic Injury Disaster Loans, and Emergency Grants, include:
- Boosting the appropriation level for the Paycheck Protection Program from $349 billion to $670 billion.
- Boosting the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion.
- Allowing agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.
Getting $300 billion for new stimulus loans, along with “insistence on a national testing strategy, and a growing controversy over who got the [small-business] initial aid — big chains or small local businesses?” were big sticking points in getting an agreement, Greg Valliere, chief U.S. policy strategist at AGF Investments, said in his Tuesday morning email briefing.
Trump “isn’t sweating the details,” Valliere said. “He wants more stimulus and he will get it this month, with more coming by summer.”
House Speaker Nancy Pelosi, D-Calif., told CNN’s Anderson Cooper on Monday that “we’re in conversation with the final language. We have — I believe — come to terms on the principles of the legislation, which is a good thing.” Now, she added, “we’re down to the fine print.”
Pelosi said that she was “very optimistic and hopeful” a deal would come Monday evening, and then be taken up Tuesday in the Senate and Wednesday in the House.
Small-Business Deregulation
Meanwhile, the Trump administration plans to launch a “sweeping effort” to repeal or suspend federal regulations affecting businesses, The Washington Post reported Tuesday.
