Senate Majority Leader Mitch McConnell said Tuesday the $367bn federal program green lighted in March to help small businesses through the coronavirus crisis will need more money in a follow-up bill.
Mr McConnell’s statement Tuesday on providing more small business relief marks the first time he has commented on the substance of the next coronavirus stimulus package since passing the $2.2trn “phase three” package in March, and could be a jumping off point for negotiations on a phase four package with Democrats.
“As the Administration works to implement this historic legislation and push money out the door, Senate Republicans believe any potential further action will need to be tailored to the actual needs of our nation,” Mr McConnell said Tuesday. “One such need is already clear: The small-business Paycheck Protection Program needs more funding.”
The majority leader’s comments reflect Donald Trump’s growing realization that the loan program, commonly referred to as PPP, will need an infusion of cash from Congress before the eight weeks is up that it was previously projected to last.
“We’re going to have to probably add more money to this to save and to keep our small businesses going and to keep the employees of those small businesses working,” the president said at his daily coronavirus press briefing Monday.