Standalone measure to reauthorize another round of forgivable business loans was rejected by Democrats as ‘political stunt’
Amid ongoing COVID-19 economic aid negotiations and the approaching election, the Senate effectively shot down on Tuesday a standalone proposal to authorize a second round of forgivable loans to small businesses.
Republicans were unified in their effort to push forward the measure in a test vote. While Democrats support the Paycheck Protection Program, they voted to “table” the measure Tuesday, because it wasn’t included as part of a larger economic proposal. The vote didn’t directly kill the measure, but it displayed the proposal didn’t have the 60 votes needed to overcome a filibuster.
The proposal would have given the Small Business Administration $258 billion for a second round of forgivable loans to coronavirus-affilicted small businesses through the PPP. Continue reading.