White House, Democrats Close To Deal On Small Business Aid Loans

Senate Minority Leader Chuck Schumer, D-N.Y., said on Tuesday an agreement on how to handle emergency loans intended to help small businesses impacted by the coronavirus crisis had been reached with the White House. Administration officials hedged on this, saying a deal was "very close."

Despite the seemingly good news, as of Monday evening Senate Republicans were less than optimistic, with one aide saying there was "no deal yet," reported The Hill.

The deal in question – worth nearly $500 billion – would not only set aside money for small business loans, but would include $100 billion to fund expanded coronavirus testing and to reinforce medical facilities. This new bill would supplement the previously passed $2.2 trillion relief bill which ran out of money for its Paycheck Protection Program last week.

Republicans, however, have been hesitant to get behind this plan, instead advocating for states to organize their own testing, according to an anonymous insider who spoke with the Washington Post.

“We do have a deal, and I believe we will pass it this afternoon,” Schumer said. He said concerns held by himself and House Speaker Nancy Pelosi, D-Calif., had been ironed out with the White House and Congressional Republicans.

Pelosi echoed a similar optimism: “We have I believe come to terms on the principles of the legislation, which is a good thing, but it’s always in the fine print. And so now we’re down to fine print, but I feel very optimistic and hopeful that we’ll come to a conclusion.”

Among the disagreements being hammered out in the deal is how coronavirus testing will be handled. Democrats have called for a plan aimed at coordinating testing across the country; they also want testing to be “free for all,” according to Schumer.

President Donald Trump said Monday that “a great plan” was being drawn up and that he believed a vote could happen in the Senate on Tuesday. He emphasized the urgent need to infuse medical providers with funding. “Many providers and their employees have taken a huge financial hit in recent weeks,” Trump said.

The Senate is set to convene briefly later today, during which the supplemental bill will be considered. If it passes, it will likely head to the House for a vote before the weekend.

The bipartisan deal comes as leadership in both parties fret over the struggling national economy, which has seen massive layoffs during the coronavirus pandemic as businesses struggle to continue to pay their workers to stay home.