Pelosi Signals Support for Massive New Payroll Subsidies as Small-Business Loan Fund Nears Expiration

House speaker discusses need for economy-wide Paycheck Guarantee Act

by Chris Matthews
Market Watch

House Speaker Nancy Pelosi held a virtual roundtable with small-business owners and advocacy organizations Tuesday afternoon as the federal government’s program for supporting businesses with fewer than 500 employees was well on its way to exhausting the roughly $670 billion Congress has allocated to it so far.

The speaker said that she was working closely with fellow Democrats on efforts to reform the Paycheck Protection Program to ensure greater transparency and greater access by the smallest of small businesses, but she also stressed that Congress should be “expanding support beyond PPP to provide more resources” to the tens of millions of small businesses impacted by the COVID-19 epidemic, urging small-business owners to support a sweeping Paycheck Guarantee Act that would reimburse employers of all types and sizes for payroll and benefit costs.

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