Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), joined Kevin Cirilli on Bloomberg TV to discuss the urgent need for Congress to replenish Paycheck Protection Program funding—an essential lifeline for America’s small businesses—as well as President Trump’s guidance for reopening our economy.
 |
To watch the full interview, click HERE, or on the image above.
On the need for immediate action to replenish the PPP:
“This small business program, the Paycheck Protection Program, is the most popular program Congress has authorized in my time in Washington. And so, what I would say is there is massive pressure on the elected class to get on with it and refill the funds here. They have gone at an unprecedented pace because there is unprecedented demand among small businesses to make payroll and pay their rent. The animal instincts of the American small business person is there and they want to get on with it and they need this relief so they can get on with it.”
On why additional small business aid is being held up:
“Well, because the Democrats have additional requests that they want to prioritize. The immediate need right now—because the funds have run out—the immediate need right now is to refill the money in the Paycheck Protection act. The Democrats want further relief for states and for hospitals, but those funds are still widely available as a part of the CARES Act. And so, I think at the end of the day we will have a reasonable trade off and cooler heads will prevail because this is a very popular program that needs reauthorization and needs more funding.”
On the President’s guidance for reopening the economy:
“This is in the hands of cities, counties, and states. They have the main police power here not the federal government. And so, to put out the metrics by which we should open the economy is a reasonable thing for Presidential leadership to be exerted here. And I think that the Governors are doing the best that they can to match the needs of their people and public safety and economic life here. And those tradeoffs are really tough, really tough here especially given the public health consequences and economic consequences that are at stake here. But I think these metrics are much needed and quite necessary of course and this can give the public a better view of the conditions by which we get back to economic life.”
Watch Republican Leader McHenry’s full interview with Bloomberg TV.
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.