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[Pages S2177-S2178]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
PAYCHECK PROTECTION PROGRAM
Mr. McCONNELL. Mr. President, earlier today, leaders in both Chambers
and the administration reached a bipartisan agreement to supplement the
historic CARES Act. At the core of our agreement is $320 billion more
for the Paycheck Protection Program, which is already saving millions
of small business jobs and helping Americans get paychecks instead of
pink slips. This is even more money than we had first requested a while
back. In the intervening time and at our request, this new money puts a
special focus on community banks and credit unions.
Separately, thanks to the hard work of Senator Collins and Senator
Rubio, the bill supplies $60 billion for additional economic injury
disaster loans; and because of Senator Roberts, Senator Daines, and our
other colleagues from rural States, it will be clear that farmers and
ranchers will be eligible as well.
Senate Republicans wanted more funding for Americans' paychecks
nearly 2 weeks ago before the program even shut down, but in the days
that our Democratic colleagues delayed these urgent funds, additional
Federal help for hospitals, healthcare providers, and testing became
timely as well. Republicans have always supported more medical funding
as soon as it was necessary, so I am proud this package will provide
roughly $75 billion more to fund hospitals and healthcare providers in
this crisis.
Thanks to Chairman Alexander and Chairman Blunt, there is an
additional $25 billion for State-led--State-led--COVID-19 testing plans
and for research, development, and other testing support for key
Federal agencies, such as the CDC, the NIH, and BARDA.
This is a significant package. It does just what I outlined the
evening we passed the CARES Act back in March. The Senate is continuing
to stand by the American people, watching the CARES Act go into effect,
and adding funding when necessary to key programs that are working
well. It is unfortunate that it took our Democratic colleagues 12 days
to agree to a deal that contains essentially nothing that Republicans
ever opposed. In my view, it is indefensible that Main Street small
businesses and their workers had their assistance cut off for partisan
leverage. That was the word of choice for one leading House Democrat:
``Leverage.'' The American people cannot be political leverage.
I am glad we are now poised to move ahead. Senate Republicans are
prepared to pass the bill. It is my hope the entire Senate will be able
to pass it as soon as possible, potentially as soon as just a few
minutes from now.
Before I conclude, I want to share my gratitude for the people whose
efforts allow us to produce these vital pieces of legislation on a
crash timeline in these most unusual circumstances. A lot of talented
people worked day and night to produce this bill: in the
administration, Secretary Mnuchin and his staff at the Treasury
Department and White House Chief of Staff Mark Meadows; here in the
Senate, our Members on both sides, our committee and leadership staff
on both sides, and the incredible team players in the Office of the
Legislative Counsel--these are nonpartisan staff who serve the
institution and our country. As usual, we literally would not have this
legislative text without their extraordinary help. These are
unprecedented times for the entire Nation, and the Senate is no
exception. So I want to thank everyone--those who worked remotely from
their kitchen tables, those of you here in the Chamber right now, the
Capitol police officers who protect the place day and night--I thank
you all, and more importantly, your country thanks you.
Now, let's just get this done. Let's move ahead and get it done for
the American people.
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