WASHINGTON (NEXSTAR) — Congress is working to refund the wildly popular—and quickly depleted—Paycheck Protection Program which provides forgivable loans to small businesses.
But the program is also controversial.
he Senate approved $310 billion more for the Paycheck Protection Program after the program used up $350 billion in loans intended to go to small businesses but research by Morgan Stanley shows more than half the money went to large corporations.
The House is expected to vote Thursday to approve the additional money for the program, which also sets aside $60 million for smaller community banks and credit unions to issue loans. Those loans are reserved for independent contractors and truly small businesses owned by minorities and veterans.
Here’s what Arkansas Representative Bruce Westerman had to say before the vote: