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Sen. Tim scott, RS.C., member of the White House task force on reopening the economy, called on Democratic leadership to go ahead and strike a deal with Republicans to add funds to the protection plan Small Business Administration pay checks (PPPs) while noting that certain limitations on the coronavirus the stimulus package may need to be adjusted.
Scott said the economy, particularly in his home state, South Carolina, is in a “devastating position” due to the pandemic, and that action is needed to lift the country while the Americans are hoping for a recovery.
“We are in a devastating situation,” said Scott, pointing to his home state, South Carolina, where he said there had been a 4,000% increase in unemployment benefits from the start of the epidemic. He said the lasting impact of poverty is part of President Trump’s concerns to balance public health and economic need as the administration examines how life can ultimately return to normal.
Scott said he supports PPP, which allows small businesses to stay afloat and pay their workers during the shutdown, but said Democrats must allow additional funding to keep the program going without blocking it by demanding that additional requests be met.
“I always like to say that the Democrats who support this realize that you are not affecting businesses as much as the ability of people to pay their rent, pay their utilities, feed their children. And it’s a serious situation that we shouldn’t have a funding disruption for the Triple P program. We have to say to Ms. Nancy Pelosi, “Give us our paychecks.” People need their paychecks and stop holding them hostage to do other things. “
Leader of minorities in the Senate Chuck Schumer, D-N.Y., Justified the Democrats’ insistence on including additional provisions in the law on Sunday, stating that “the very things that we Democrats are fighting for are now included in the bill.”
Scott also noted that businesses such as restaurants will face a new burden by being unable to use their space as efficiently due to concerns about social distancing, while their labor costs may remain the same or decrease. He said that the current requirement that 75% of the money for business received from the PPP for pay to be forgiven could be too much.
“So if you have a program that requires 75% of the money to go to payroll and 25% for overhead, it won’t work. The new standard may force businesses to have higher overhead costs and lower labor costs. We have to adapt to this reality and we have to adapt very quickly. “