President Donald Trump’s Administration has leftover funds from the CARES Act, passed in March, that can be funneled toward other coronavirus relief efforts, according to White House economic adviser Larry Kudlow.
The Director of the National Economic Council expressed on Thursday that he did not think the current situation surrounding filling the next Supreme Court seat would affect the administration’s relief plans “at the moment,” Fox Business reported. He also added and that there is leftover money that could be “repurposed,” the outlet continued.
“Our side has an efficient targeted assistance package, stuff we think is necessary,” Kudlow said, according to Fox Business.
Top legislators have yet again reached an impasse in reaching a deal for a second stimulus package after several failed attempts involving the Democrats’ HEROES Act, Republicans’ HEALS Act and Senate GOPs’ ‘Skinny Bill.’
The House is scheduled to adjourn on October 2, while the Senate is scheduled to go on a break after October 9, according to Value Walk.
Kudlow also doubled down on his stance that he doesn’t think the economy needs another big-ticket plan in order to successfully recover, Fox Business continued.
The director of the National Economic Council previously expressed on CNBC’s The Exchange that, even if certain industries could benefit from a second round of relief, the funds aren’t required.
“I don’t think the V-shaped recovery depends on the package, but I do think a targeted package could be a great help,” Kudlow said on September 22. “Even though I think the economy is improving nicely, it could use some help in some key, targeted places.”
Here’s what you need to know:
About $130 Billion are Leftover From the First Round of PPP Relief
More than 5.2 million loans were approved by the Small Business Administration during the first round of the Paycheck Protection Program, according to Fox Business. With a total cumulative value of $525 billion, roughly $130 billion have not yet been used, the outlet continued.
Kuldow on Thursday emphasized that the repurposed money could go toward testing efforts, school masks and extending the PPP, Fox Business said.
Federal Reserve chair Jerome Powell echoed Kudlow’s sentiments earlier this week, saying another round of PPP loans could be a sound effort to continue assisting smaller businesses that are struggling to come “back online,” the outlet added.
House Democrats are Currently Drafting a $2.4 Trillion Coronavirus Relief Package
News of the bill, which incorporates additional extended federal unemployment benefits, another round of stimulus checks and funding for the Paycheck Protection Program, was announced on September 24, according to Politico.
The outlet confirmed that House Speaker Nancy Pelosi directed committee chairs to draft a smaller version of their previously proposed $3 trillion package, the HEROES Act, but did not disclose details surrounding the specific measures.
“We are still striving for an agreement,” Pelosi said to her team, according to an inside source, Politico reported. “If necessary, we can formalize the request by voting on it on the House floor.”