Pelosi Acknowledges Delaying Funding for Small Business Coronavirus Loans


House Speaker Nancy Pelosi has admitted delaying the approval of an additional $ 250 billion for the exhausted small business loan fund following criticism of the lack of progress in Congress.

Speaking to Anderson Cooper of CNN Monday evening, Pelosi (D-California) said that after being invited by Secretary of the Treasury Steven Mnuchin for Congress to approve $ 250 billion to restore the check protection program to pays she asked for “data on how that [money] Is spent. “

“Before you know it, boom, all of a sudden, [the small-business relief fund] were already short of money. And when the secretary came to ask me for $ 250 billion, a quarter of a trillion dollars, in 24 hours, I said, well, we want to see the data on how it is spent. “

“Additionally, we want to make sure that as long as we speak, we do it so that everyone can participate in the program,” said the Californian Democrat.

Pelosi continued that at first, the Republicans with whom she was negotiating “said no no no, until about 100 hours ago they said no. And now they said yes. “

As for what the country’s most elected Democrat has added to the new bill, Pelosi touted “about $ 120 billion more for small businesses out there focused on our underbanked communities, businesses owned by women and minorities, Native Americans, rural America, veterans, small businesses and the like. “

Pelosi added that the Democrats have also asked for $ 100 billion in health care spending, $ 75 billion of which is spent on hospitals and $ 25 billion spent on testing, which she says is essential to reopening the economy.

“Testing is one of the places where we want the language to be as good as possible, that we need a national testing strategy,” she told Cooper. “Testing is the key to opening the door to our economy – testing, tracing and isolation.”

Senate Minority Leader Chuck Schumer (D-NY) on Sunday also responded to criticism that Democrats would delay the next round of funding, saying that the provisions they added to the bill would help to rural areas and minority communities.

“Well, I would say that the very things that we Democrats are fighting for are now part of the bill. If you had a connection to a bank, it was fairly easy to get a loan. If you have not done so across the country, we have heard that people cannot get the loans. The local restaurant, the local hair salon, the local pharmacy – or even start-up companies, manufacturing or … services that don’t happen, “the New York Democrat State of the Union told CNN.

“So we democrats said,” Yes, we want to put more money [for small-business financial relief], but let’s set aside a little bit of money to make sure it goes to rural areas, minority areas, the unbanked. And the $ 60 billion for the disaster loan was [Democrats’] proposal, and now [Trump] the administration accompanies him. “


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