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Coronavirus latest: small business crisis
John Arensmeyer of the Small Business Majority joins Fox 5 On The Hill to discuss what small businesses need to stay afloat during the coronavirus pandemic.
FOX NEWS - Bank officials have reportedly warned that the $450 billion package to replenish the earlier small business emergency fund will likely have a burn rate of $50 billion per day and run out of money in just a few days.
Banks have been warning customers that are qualified for a loan that not every business will receive one, Politico reported.
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Banking representatives told the website that for the package to have any significant effect on demand, it would have to approach $1 trillion.
Richard Hunt, the president of the Consumer Bankers Association, told Politico that the new funds would be gone “at most” in 72 hours
“But the odds are more like 48 hours,” he said.
House Democrats and Republicans are continuing to discuss the deal that would go to boost a small-business payroll loan program that’s out of money.
Additional help would be given to hospitals, and billions more would be spent to boost testing for the virus, a key step in building the confidence required to reopen state economies.
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The House has announced it could meet as soon as Wednesday for a vote on the pending package, according to a schedule update from Majority Leader Steny Hoyer, D-Md.
The chamber is likely to have to call lawmakers back to Washington for a vote, which will present logistical challenges.
Senate Democrats last week rejected a request by Senate Majority Leader Mitch McConnell, R-Ky., to give unanimous consent to legislation that would have added $250 billion to the Small Business Administration's Paycheck Protection Program.
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Tim Young on the re-opening of America
As the debate over re-starting the economy amid the COVID-19 pandemic continues, some states are taking steps to slowly open businesses once again. But is it too soon? FOX 5 contributor Tim Young joined Jim on The Final 5 to talk about the pros and cons.
House Speaker Nancy Pelosi, who has been criticized by Republicans again for holding up funding, told “Fox News Sunday” that there has been progress.
“They will have more money as soon as we come to an agreement -- which will be soon,” she said. “And I think people will be very pleased because these small businesses must thrive in a community where they’re, again, health is essential to them opening up.”
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The Politico report said that some banks are already preparing their customers about hardships to obtain these loans.
The website reported that PNC, a top bank, that “it is likely that not every qualified applicant will receive loan proceeds under the PPP even if Congress authorizes funding.”
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