Senate Democrats unveil $500 billion short-term coronavirus relief plan

Senate Democrats on Thursday unveiled the details of a $500 billion coronavirus relief plan they will offer later in the morning when Senate Majority Leader Mitch McConnell (R-Ky.) requests unanimous consent to provide an additional $250 billion to the popular Paycheck Protection Program.

Democrats, led by Senate Minority Leader Charles Schumer (N.Y.), have proposed $250 billion for the small business loan program, under which employers receive federally backed loans that are 100 percent forgivable if they maintain their payrolls. But half of the amount, $125 billion, is set aside for small banks and credit unions to help better serve woman-, minority-, and veteran-owned businesses.

Sens. Ben Cardin (Md.), the ranking Democrat on the Senate Small Business Committee, and Chris Van Hollen (D-Md.) are expected to offer the plan after they object to McConnell’s request for a straight $250 billion infusion to the Paycheck Protection Program. Continue reading.