Mitch McConnell Says “Absolutely No Progress” Made To Replenish Small-Business Aid

We had a feeling a few minutes ago when we heard President Trump mention a $2 trillion infrastructure package as part of his plan to reopen the economy tonight, and as it turns out, we had good reason.

Because Mitch McConnell just confirmed that “absolutely no progress” has been made in talks with the Dems & Pelosi, meaning hundreds of thousands of small businesses desperately in need of loans will just have to wait.

• MCCONNELL: NO PROGRESS MADE IN PAST WEEK ON SMALL-BUSINESS AID
• MCCONNELL BLAMES DEMOCRATS FOR BLOCKING LOAN FUNDING
• MCCONNELL SETS NEXT SENATE PRO FORMA SESSION FOR APRIL 20

McConnell hasn’t scheduled another pro forma session until next week, though if a deal is reached, there will very likely be emergency votes. Pelosi and Mnuchin have reportedly been in talks all day, but the Dems are pushing for more resources directed to ‘underserved’ communities’, states, local governments etc., while the Republicans are essentially arguing that a quick top-off of the ‘PPP’ is all that’s needed right now.

Fox’s Chad Pergram has more via Twitter:

McConnell moves cloture vote to end debate on nomination of Robert Feitel to be Inspector General of the Nuclear Regulatory Commission from April 20 to May 4 .

— Chad Pergram (@ChadPergram) April 16, 2020

McConnell sets up additional pro forma sessions with no business scheduled for April 20th, 23rd, 27th, and 30th. These are brief sessions where the Senate just meets for a few moments with a skeleton crew and gavels out.

— Chad Pergram (@ChadPergram) April 16, 2020

McConnell: I warned that the Paycheck Protection Program was running out of money and tried to a pass clean funding bill. Senate Democrats blocked it.
Here we are, a week later, with no progress. This morning, the program ran out of money and shut down, just as we’d warned.

— Chad Pergram (@ChadPergram) April 16, 2020

McConnell: Every Senate Republican was ready to act today, but Democrats would not let us reopen the program.
It is surreal to see Democratic leaders treat support for workers and small businesses as something they need to be goaded into supporting

— Chad Pergram (@ChadPergram) April 16, 2020

Looks like that’s a wrap on the Hill for the day, unless some kind of last-minute deal is reached. In the US, traders are looking ahead to the close, then Trump’s hyped up 6pmET press conference.