An Easy Way to Free Up Hundreds of Billions for Small Businesses
Repealing an obscure provision in the CARES Act could produce money for where it’s truly needed.
Look past President Trump’s fitful attempts to reopen the economy, and the real fight in politics right is about how to get more money to struggling business owners, now that the Small Business Administration’s emergency loan funding has run dry.
Republicans, led by Senate Majority Leader Mitch McConnell, want to add $250 billion right away. Democratic House Speaker Nancy Pelosi has countered that she’ll agree only if hospitals and state and local governments also get funding. That’s led Republicans such as House Minority Leader Kevin McCarthy to slam Pelosi for “playing politics” and to try to force through a bill that would aid small businesses and no one else. “We’re not going to be doing, in the name of an emergency, items unrelated to the emergency,” McConnell told Fox News Radio last week.