Pelosi and Schumer agree with Mnuchin and Meadows on a deal for $310 billion for the Small Business Administration’s Paycheck Protection Program

From the Hill:

Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows struck an agreement on the core components of the deal with Senate Democratic Leader Charles Schumer (N.Y.) and Speaker Nancy Pelosi (D-Calif.) early Tuesday morning.

Schumer announced the deal during an interview on CNN shortly after 8 a.m. Tuesday and White House officials confirmed after 1 p.m.

The deal includes $310 billion for the Small Business Administration’s Paycheck Protection Program (PPP), $60 billion of which is set aside for small lenders and community financial institutions; $50 billion for the Economic Injury Disaster Loan program; $25 billion for testing; and $75 billion for hospitals, according to details later released.

President Trump urged the House and Senate to pass the legislation in a pair of tweets Tuesday afternoon and laid out his vision for what would be included in the next round of coronavirus legislation.

“After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief … to State/Local Governments for lost revenues from COVID 19, much-needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth,” the president wrote.

The Trump administration and congressional negotiators have been locked in negotiations over a deal to replenish the $350 billion for the PPP, which was authorized in the third coronavirus relief package signed by Trump at the end of March and ran out of funds to lend small businesses last week.

The program allows small businesses to keep workers on the payroll and in some cases has aided shops from going under completely amid the downturn. Social distancing measures and stay-at-home orders in some states meant to slow the spread of the virus have hit small business owners particularly hard.

The Senate and House will need to pass the legislation. Doing so this week will require the Senate to pass the bill in unanimous consent.

McConnell applauded the deal on Tuesday afternoon and proclaimed the deal a GOP victory.

“I am encouraged that Democratic leaders have finally agreed to reopen the Paycheck Protection Program and abandon a number of their unrelated demands,” he said in a statement.

Via JC McCallum