04.07.20

McConnell Statement on Additional Funding for Paycheck Protection Program

‘Even as the CARES Act continues to come online, one such need is already clear: The small-business Paycheck Protection Program needs more funding. This bold legislation from Chairman Marco Rubio, Chairman Susan Collins, Senator Ben Cardin, and Senator Jeanne Shaheen is providing emergency liquidity to Main Street businesses nationwide to keep paychecks coming.’

WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) issued the following statement today regarding additional funding for Paycheck Protection Program:

“Twelve days ago, the Senate passed the largest rescue package in American history. Our bipartisan CARES Act provided more than $2 trillion in relief for workers and families, resources for hospitals and healthcare providers, and emergency lending to blunt mass layoffs and help workers continue to get paid.

“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, not plucked off preexisting partisan wish lists.

“Even as the CARES Act continues to come online, one such need is already clear: The small-business Paycheck Protection Program needs more funding. This bold legislation from Chairman Marco Rubio, Chairman Susan Collins, Senator Ben Cardin, and Senator Jeanne Shaheen is providing emergency liquidity to Main Street businesses nationwide to keep paychecks coming.

In just a few days, this program has become overwhelmingly popular. Thanks to the hard work of small businesses and lenders, billions of dollars have already landed and tens of billions more are already in the pipeline. Jobs are literally being saved as we speak. But it is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry. That cannot happen. Nearly 10 million Americans filed for unemployment in just the last two weeks. This is already a record-shattering tragedy and every day counts. 

Congress needs to act with speed and total focus to provide more money for this uncontroversial bipartisan program. I will work with Secretary Mnuchin and Leader Schumer and hope to approve further funding for the Paycheck Protection Program by unanimous consent or voice vote during the next scheduled Senate session on Thursday.

Related Issues: Economy, Health Care, Small Business