New Democratic Coalition backs $250 billion boost for coronavirus small business loans

New Democratic Coalition backs $250 billion boost for coronavirus small business loans 1

The New Democratic Coalition, the largest ideological group in House Democratic Caucus, backed the move to speedily pass $250 billion for additional small business loans Tuesday.

Rep. Pete Aguilar, the coalition’s whip, said the procedural snags that even this relatively uncontroversial bill will face highlight the need to implement new policies for funding these programs.

“We’re not going to be able to get there this week,” he told reporters.

In light of this, the coalition is calling for “automatic triggers” that would immediately fund coronavirus-related programs, like the small business Paycheck Protection Plan, if they start to run out of money. It would also apply to the unemployment insurance program and direct payments to the American public.

“As a coalition, our members are generally supportive of deploying more money for programs that are running out of funds,” Chairman Derek Kilmer, Washington Democrat, said. “Having said that, I think, Congress is going to be in the role of playing whack-a-mole if it does not take the type of comprehensive approach that you’ve heard us speak to.”



The White House is seeking an additional $250 billion for the small business loan program established as part of the $2.2 trillion CARES Act passed in March.

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Senate Majority Leader Mitch McConnell said he plans on passing the additional funds on Thursday either by unanimous consent or a voice vote.

While the CARES Act did pass the Senate with unanimous consent, the House needed to bring a majority of its members back at the last minute to defeat a procedural challenge to a voice vote in their chamber.

House Speaker Nancy Pelosi said on CNN that she spoke with Treasury Secretary Steven Mnuchin on Tuesday about the additional funds, and she supports this “interim” bill to address immediate needs.

She noted, however, that there are some “considerations” Democrats would like to see stipulated that would ensure diverse business owners have equal access to the loans.

“We want to make sure that the program is administered in a way that does not solidify inequality in how people have access to capital but instead [is a] benefit to everyone who qualifies for it,” the California Democrat said.

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