Senate Democrats on Thursday blocked a Republican plan to add $250 billion to the government’s small-business-lending program, insisting that the bill also include aid to hospitals, healthcare systems, state and local governments and food-assistance programs.
Senate Majority Leader Mitch McConnell adjourned the body until Monday. He argued that these issues can be addressed in the next major package.
On Thursday McConnell tried to approve the GOP measure by a unanimous vote, as few senators were left in the Capitol. However, Senator Ben Cardin (D-Maryland) objected, which quashed the legislation.
Now, lawmakers in both parties have agreed that an interim measure is necessary to support the small business loan program. The program had a shaky start.
So, what does this mean for small business owners?
Rebecca Rose Woodland, litigator and legal analyst joined TheStreet to break down what it means for small business owners and what they can do now.
And, in case you missed it, here's Woodland's advice for small businesses after the first day of the small-business loan program.
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