By Monday morning, funds will start flowing again to small businesses with the resumption of the Paycheck Protection Program (PPP) after a bitter struggle in D.C. to refund the strapped program.
Sen. Marco Rubio, R-FL, chairman of the Senate Small Business Committee, announced that the program has been fully funded, despite Democratic attempts to block replenishment of the funds, Breitbart reported.
In addition to the replacement of the fund’s $350 million, Rubio said, there is “also an additional significant amount of money from PPP loans being returned by several publicly traded large companies.”
He noted that this is comprised of hundreds of millions of dollars potentially being returned by companies which improperly received PPP funding.
Congress passed a third stimulus on Thursday providing the $350 million, despite opposition by Speaker of the House Nancy Pelosi, D-CA, and several Democrats broke ranks to urge passage of the additional funding.
Rep. Kendra Horn, D-OK, said, “We cannot treat relief for small businesses like a political football. I’m calling on both parties to come together to fund PPP.”
Rep. Max Rose, D-NY, said, “The Paycheck Protection Program needs to be replenished and done so quickly. Lets protect our small businesses, hospitals, and make sure local governments don’t have to lay off first responders. Only in DC would this be difficult. Lets get this done.”
Trump was expected to sign the bill today, and Rubio said, “So that will give everybody the rest of today, through the weekend, for everyone, the lenders and everyone, to get ready” for the program to go back into action on Monday.