Congress may be ready to pass a bill that will provide extra funds to help small businesses during the coronavirus pandemic and could approve the measure as early as Monday.
President Donald Trump said Sunday that Republicans were “close” to a deal with Democrats and believed there could be a resolution by today, per Reuters.
“A lot of good work has been going on. We could have an answer tomorrow,” the president said.
The Small Business Administration announced last Thursday that the Paycheck Protection Program, which provides forgivable loans to small business owners, hit its $350 billion limit. Democrats and Republicans both agreed on the need to add at least $250 billion to the program, but have come to heads on additional spending requirements. Democratic lawmakers have refused to vote for the additional funds until protections were added for minority- and women-owned businesses, while Republicans want to keep the bill specifically targeted on small business loans.