One of the elements of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), the bi-partisan stimulus program in response to COVID19, was the $250B Payroll Protection Plan.
The CARES Act was passed unanimously by both the Senate and the House on a unanimous consent. Wow!
The PPP was a good deal based on its popularity, a popularity that has drained its coffers. The PPP is broke. Out of money. The need was enormous.
The PPP has deployed $350,000,000,000 and has thousands of more applications, but it is out of money.
The Congress has known this for almost two weeks now.
The Senate Republicans saw this — the exhaustion of funds for PPP — coming and more than a week ago they proposed a single change to the CARES Act — change the single number $350,000,000,000 to $600,000,000,000.
That’s it. Just that. Nothing more. One single change. Two numbers, nothing else. Simple, right?