Senate Democrats Block $250 Billion Coronavirus Small Business Loan Program

Senate Minority Leader Chuck Schumer (D-NY) 

Senate Democrats on Thursday blocked a GOP-led $250 billion small business loan program aimed at preventing layoffs amid forced shut downs due to the Coronavirus panic.

The Paycheck Protection Program, which will run out of money in a matter of days, will not be extended until next week at the earliest.

The Senate adjourned until Monday after Senator Ben Cardin (D-MD) rejected a unanimous voice vote.

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McConnell and the Democrats were at odds over who would receive the funds.

McConnell was pushing for a $250 billion interim bill to fund small businesses with up to 500 employees to cover payroll.

The businesses would not be required to pay back the loans as long as they don’t lay off employees.

Senate Minority Leader Chuck Schumer was pushing for a $500 billion bill to funnel money to state governments.

The time is now to pass this bill considering unemployment claims surged Thursday, but the Democrats are playing politics as usual.

McConnell accused the Democrats of holding Americans hostage.

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