White House confident deal to fund PPP will be reached next week: Source
The $350 billion in funding for the program had officially run out as of Thursday
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Lawmakers have so far been unable to come to an agreement to replenish funding for the Small Business Administration’s Paycheck Protection Program, which is designed to provide relief to the nation’s small businesses but more money could be on the way soon.
The White House is confident a deal will be reached by the beginning of next week to fund the Paycheck Protection Program, an administration source told Fox News on Friday. That package would include another $250 billion for paycheck program loans, an unknown amount for the SBA’s economic injury disaster loan program and $75 billion for hospitals, the source said.
Democrats had blocked earlier efforts to pass a funding bill, calling for increased funding to hospitals and states.
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A vote could occur as soon as Monday, but Tuesday is more likely, the same administration source said.
PPP is designed to incentivize companies with fewer than 500 employees to retain staff despite difficult economic conditions that have resulted from the coronavirus pandemic. Applicants can receive up to $10 million, which can be forgiven in certain cases. At least 75 percent of the money must be put toward payroll costs.
The $350 billion in funding for the program, however, ran out of funds as of Thursday, and lenders were forced to stop accepting applications.
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On Friday, President Trump blamed House Majority Leader Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., for costing Americans their jobs by delaying the legislation.
During the past four weeks, more than 22 million Americans have filed for unemployment.
So far, more than 1.6 million loans have been approved through the paycheck loan program.
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Fox News' John Roberts contributed to this report.