The red flags raised by Democrats, as well as business groups dissatisfied with the restrictions on small business aid proposed by Republicans, allow the law to be expected to notice significant changes before a final agreement is reached.
But some of the large-scale blows in the small business plan seem to be almost disagreed between Republicans and Democrats.
Senate Small Business Chairman Marco Rubio (R-Fla.), Who drafted the Republican proposal, and old Ben Cardin (D-Md.), The commission’s chief Democrat, are of the opinion that Congress should allow businesses to apply for a second waiver of Paycheck security loans round in the coming months. They both want to provide more help to the hardest hit small employers, including minority-run businesses.
Cardin and other Democrats in the committee last month proposed for the first time allowing businesses to apply for second loans. A similar plan is included in the new Rubio account. In both cases, the business is required to prove 50 percent lost revenue, but some details are different. A Rubio account would limit eligibility to companies with 300 or fewer employees, while a Cardin account would be available to companies with no more than 100 employees.
“There are many similarities,” Cardin said in an interview with Yahoo Finance on Tuesday. “We all want to do more for those businesses that really need it.”
One of the biggest omissions in the eyes of Democrats is the lack of new funding for the Small Business Administration’s Economic Trauma Disaster Loan Program.
Unlike the Paycheck protection program, which provides loans through banks, the disaster relief program is administered directly by the SBA. Rosen and old John Corny (Texas) proposed another $ 180 billion in disaster loans and grants, as well as limits on the SBA’s ability to limit how much help businesses can get after the agency infuriated both business owners and lawmakers by fixing their hats. . House Democrats have added $ 10 billion in additional EIDL grant funding to a $ 3 trillion economic aid project they adopted in May.
“We must continue to fund the EIDL and EIDL Advance programs under this fourth Covid aid package so that our small businesses have the relief they need to stay afloat and weather this protracted economic storm,” Rosen said. “Real bilateral solutions are possible. Senator Corny and I have tabled it. As negotiations continue, I will continue to push for this bilateral bill to be included in the Senate Covido aid package.”
While Rubio has proposed directing another small business support bank to minority-run businesses and deferring funding to community-oriented lenders, Democrats are likely to go even further, a priority highlighted on Tuesday by Biden’s presidential election campaign in a new economic plan focused on races. personal capital.
Biden’s campaign said the wide-ranging proposal “will leverage more than $ 150 billion in new capital and opportunities for small businesses that have been structurally segregated for generations.” The former vice president called for funding for lending programs in black and brown communities, support for community development financial institutions and minority depository institutions, and plans to attract “public and private venture capital” for colored entrepreneurs.
During Biden’s campaign, he said he would reserve half of the future benefits for small businesses, under the Paycheck security program or other efforts, to companies with 50 or fewer employees.