New GOP small business rescue plan sparks lobbying fightJul 27, 2020
Senate Republicans on Monday unveiled their opening offer for a new round of small business aid in upcoming economic relief legislation, setting off an immediate lobbying push by business groups and other advocates who said the plan was too narrow.
The proposal released by Senate Small Business Chair Marco Rubio of Florida would let businesses apply for second Paycheck Protection Program loans. The loans, which Congress created in March to avert layoffs during the pandemic, can be converted to grants if employers agree to maintain payroll. Under the GOP plan, Congress would provide $190 billion for the loans. It would also make available funding for separate low-interest loans that could be paid back over 20 years, to provide working capital and refinance existing debt.
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