April 20, 2020—New Jersey Senator Cory Booker and Montana Senator Steve Daines have proposed a $50 billion plan aimed to provide more relief to small businesses left out of the Paycheck Protection Program, according to a press release.
According to the release, the two Senators sent a letter sent to Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer, outlining the $50 billion Small Business Local Relief Fund plan. The plan aims to include businesses with 20 employees or less, or businesses with 50 employees or less located in low-income neighborhoods to the Paycheck Protection Program.
The initial Paycheck Protection Program was put on hold earlier in the week after running out of its $349 billion allocation. It took just 14 days to reach it.
The Senators plan to introduce legislation within the week.