SPOKANE, Wash — There are roughly 30 million small businesses in America. Many of them are currently struggling to get by with much of the nationwide economy shut down because of coronavirus.
And so far, federal efforts to prop them up appear to be falling short.
The record breaking $2 trillion stimulus package included nearly $350 billion in special loans to small businesses.
The loans were designed to be easier to access, and if the money gets used to keeping paying workers, even partially forgiven.
But quickly enacting such a massive plan has proven to be a challenge.
These loans aren't coming directly from the feds, but rather being processed by hundreds of banks.
Sen. Marco Rubio (R-Fla.) outlined the challenges banks are facing on Twitter recently. He said they're struggling with completely overloaded systems. There's confusion about what forms to fill out. And of course, more than anything, they just need more cash.
On Tuesday, President Trump said the White House was encouraging Congress to replenish the fund.
“We just asked Congress to pass legislation to fund an additional $250 billion for paycheck protection program” said Trump. “So we're going to be raising it up to a new level. And the way it's going, we're going to need that.”
Republican leaders in the Senate are pushing for a rushed vote as soon as Thursday to add that quarter-trillion dollars to the program.
Although, some in both parties believe even more money will be required.
It’s not a guarantee to pass right now. Many Democrats might prefer to include the money in a broader package, one that might include other proposals like paid sick leave.