October 15, 2020 | By: LendVer Staff –
Senate Majority Leader Mitch McConnell (R-Kentucky) has announced that Senate Republicans will vote on a slimmed-down coronavirus relief bill when the Senate returns from recess next week. The bill which could be as much as $500 billion, would include the extension of the Paycheck Protection Program (which has over $130 billion remaining in it), as well as other unspecified relief measures.
Can the Senate relief bill pass?
Without the cooperation of the House of Representatives, whether or not the Senate passes a relief bill is irrelevant, and the extension of the Paycheck Protection Program in addition to other relief aid, will not come to fruition. In May, the House passed a $3.4 trillion coronavirus relief bill, and then another $2.2 trillion relief bill again this month. The Senate Majority Leader failed to take up either House passed relief bill for a vote in the Senate, and as a result, no relief legislation has been enacted since April. The economy and workers continue to struggle with 898,000 people filing for unemployment claims just last week.
Will additional stimulus come before the election?
The most recent relief proposal from the White House for $1.8 trillion, which did not have general support of Senate Republicans, was much closer in number and scope to the last $2.2 trillion bill passed by the House. The proposal, being negotiated for the White House by Treasury Secretary Steven Mnuchin, still fell short according to House Democrats and was not taken-up by House Speaker Nancy Pelosi (D-California). Varying public statements made by both Mnuchin and Pelosi leave confusion as to whether or not additional stimulus can be passed before the November 3rd election, and there is mounting pressure for the White House and Congress to get something done.
What both sides agree on…
The Paycheck Protection Program “PPP”, the relief program passed in April that pumped over $500 billion into struggling small businesses before expiring in August, appears to be of common interest to both parties. If additional stimulus is to be enacted before the election, it is likely that it will include the extension and possible expansion of the program in whole or part. A Paycheck Protection Program expansion may even include the ability for small businesses that have already received a PPP loan, to get a second PPP loan.
Where you can apply for a PPP loan now…
The Loan Source has opened its PPP loan application portal in anticipation of Congress approving an extension to the program. The Loan Source is part of the selective SBA Preferred Lender Program, which is the highest level of approval status that a lender can receive from the SBA. This status enables a lender to directly approve SBA loans, without having to wait for SBA sign-off. The Loan Source was one of the leaders during the first rounds of the Paycheck Protection Program, originating over 5,000 PPP loans for approximately $500 million. The company is currently also servicing and handling the forgiveness process for over $4 billion of PPP loans. Since The Loan Source is not a bank, it does not require an existing relationship, or that you open up an account or transfer funds or other business services to receive a PPP loan.
These next few weeks before the November 3rd election are sure to be stressful for all Americans, and there is no telling what Congress or the White House may do as political pressure mounts. What is certain, is that if additional stimulus is not passed soon, millions of American small businesses, workers, and families will suffer.
If you want your voice be heard then get out and VOTE. Visit Vote.org to register to vote, request an absentee ballot, or find your polling location.