'Targeted' fourth coronavirus stimulus package may be needed: Sen. Loeffler
Loeffler also addressed concerns about her stock trades
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A "targeted" fourth coronavirus relief package may be needed as well as an expansion of the Small Business Administration's Paycheck Protection Program, Sen. Kelly Loeffler, R-Ga., told "Mornings with Maria" on Wednesday.
"I was speaking with Leader McConnell last night," Loeffler said. "We're working hard to look at ways to expand the funding under the paycheck protection plan, which gives the small businesses more relief. Expanding that potentially up to $600 billion very, very soon."
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The freshman senator is a member of the Joint Economic Committee and Senate Committee on Health Education Labor and Pensions. The $349 billion Payroll Protection Program is designed to get cash in the hands of struggling small businesses.
"If a fourth round of funding in the form of legislation is needed, I think we will take a hard look at that," Loeffler said. "Make sure that it is targeted specifically at helping these businesses stay on their feet, and make sure their doors stay open, because keeping employers connected with their employees, those employees being able to have benefits, the health benefits in particular, they rely on is just critical."
Some top Republicans, including House Minority Leader Kevin McCarthy, have appeared cool on the idea of a fourth round of stimulus due to the pandemic.
"I'm not sure we need the fourth package," McCarthy said on "Sunday Morning Futures" in late March.
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Loeffler has also faced criticism for dumping stocks before the pandemic took a toll on the U.S. economy — after attending a closed-door Senate briefing on the coronavirus. The Daily Beast, which Loeffler called a "left-wing blog," first reported on the stock sales in March.
Loeffler bought stock in Amazon and Citrix, two companies that have continued to flourish amid the pandemic, as well.
She told "Mornings with Maria" that the transactions "had nothing to do" with any meetings she attended and that she does not consult with her portfolio managers about stock purchases and sales.
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"I don't buy or sell any of my stocks," Loeffler said. "My portfolio managers are looking at the economy, they’re looking at earnings, looking at any number of factors. I don't even know what factors they take into account and doing continuous buys and sells. Many of my purchases end up being result of option strategies implemented long ago."
"I don't pretend to understand those strategies," she said.