US Senate May Adopt $ 500 Billion Small Business Aid Program Today | Business



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The US Senate adopted an almost $ 500 billion small business coronavirus aid program on Tuesday, including additional aid for hospitals and virus testing.

“I welcome this bipartisan agreement,” Senate Majority Leader Mitch McConnell said on Tuesday when the bill was passed.

The assistance program is the second for small businesses, which have been hit hard by the pandemic and have cut millions of jobs. The first was controversial, with large companies like Shake Shack and Ruth’s Chris Steakhouse receiving millions while many small companies failed. Shake Shack has now returned the $ 10 million loan she received. Ruth’s Chris – who earned $ 468 million last year – received $ 20 million.

Small businesses in New York, hit hard, were skeptical that the new money would arrive on time, having missed the first wave of payments. “It will be the end of all of us,” said Brian Colgan, who runs ACME, an accessories and furniture rental company in Brooklyn.

He said none of his contacts with small businesses had received funds.

Nichelina Mavros, co-owner of Depanneur, a grocery store in Brooklyn, said it was clear that the first bailout had helped big business. “Ninety-eight percent of New York businesses are small businesses. None in my network got the money. “


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