Texas, California get biggest chunks of small business bailout cash: SBA

Joanna Estrada
April 16, 2020

"The same Democrats that voted for the paycheck protection plan are now blocking the additional money, even though we have now run out of money for paycheck protection", he said. The program was expected to exhaust its initial allocation of $350 billion later in the day.

The U.S. Small Business Administration (SBA) said that as of Monday, 28,469 Paycheck Protection Program loans had been approved for qualifying businesses in the state of Colorado for a total of $5,830,781,842.

Senate Majority Leader Mitch McConnell, R-Ky., sought to pass a $250 billion cash infusion for the PPP - pushed by the White House - last week, but Democrats blocked the effort because they want add-ons to help businesses in disadvantaged communities and an additional $250 billion in funds for other priorities.

Democrats have asked that any funding for the program include more money for local and state governments and hospitals. And Republicans want the bill to remain focused on small businesses and set aside other funding debates until legislation for the next phase of relief is tackled.

A senior Democratic aide, in reference to House Speaker Nancy Pelosi of California and Senate Minority Leader Chuck Schumer of NY, said: "Schumer and Pelosi staff spoke with Secretary Mnuchin and Treasury staff today".

"We see no reason why we can't come to an agreement", Mr. Schumer said. "We now have banks that have received approval from the SBA, and are starting to make payments to their small business customers, so the banks are funding loans across the state", says Baier "I've talked with banks urban and rural, and east to west, and I think our members are actively trying to get dollars out the door".

Other reports by Click Lancashire

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