A partisan skirmish in the U.S. Senate cut short a Republican effort to speed $250 billion in new small business assistance on Friday, forcing Republicans and Democrats to negotiate over how best to help businesses reeling from the coronavirus outbreak.
U.S. Senate Majority Leader Mitch McConnell walks to the Senate Chamber floor on Capitol Hill in Washington, U.S. , April 9, 2020. REUTERS/Tom Brenner
“There is a disparity in access to capital in our country. We do not want this tragedy of a coronavirus to exacerbate that disparity or to ossify it, to solidify it,” Pelosi said in a conference call with reporters. The $250 billion in small business loans, which could turn into government-paid grants if lenders meet certain terms, would be in addition to $349 billion already allocated.
The lobbying group called for changes, including more flexibility in use of the loans and replenishment of a separate disaster aid arrangement.
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