The Senate on Thursday adjourned for the weekend as party leaders continue to grapple on how to handle small business funding during the pandemic.
The upper chamber of Congress held a pro forma session Thursday. Senate Majority Leader Mitch McConnell (R-Ky.) didn’t attempt to pass a bill to fund a small-business program even though it ran out of money that day, saying there has been “absolutely no progress.”
“It is surreal to see Democratic leaders treat support for workers and small businesses as something they need to be goaded into supporting. This should be above politics,” McConnell added. “I hope our colleagues come around soon.”
The House of Representatives will hold a session on Friday.
Democrats have said they oppose certain provisions of the GOP’s $250 billion addition to the fund.
It came as the PPP rescue fund—set up during last month’s $2.2 trillion stimulus package—had used up its $350 billion funding capacity. The Small Business Administration (SBA) will now be unable to approve more loans through the program.
Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza on Wednesday said that no new approvals can be issued once the PPP exhausts its funds.
“The SBA has processed more than 14 years’ worth of loans in less than 14 days,” the two officials said, while calling on Congress to infuse the program with more funds because it's "saving millions of jobs and helping America’s small businesses make it through this challenging time.”