According to a report from the Daily Wire, House Speaker, Nancy Pelosi, made claims that small businesses are not in desperate need of help.
During one of her weekly news conferences, Pelosi said, “There is no data as to why we need the rest when there are outstanding needs.”
Pelosi also noted that she thought McConnell’s decision to bring the emergency measure to the floor was a “stunt.”
Treasury Secretary Steve Mnuchin reportedly told McConnell that the funds are fleeting, and some banks like Wells Fargo have already met their lending capacity after lending out $10 billion within the first week.
“When the secretary called this morning to ask for the additional funds, we were like, we want to make sure that the program is administered in a way that does not solidify inequality in how people have access to capital,” Pelosi said.
Pelosi told Anderson Cooper later that the PPP “really needs money right away, we know that, because of the demand,” according to a report from The Hill.
She also said, “the $350 billion for the Paycheck Protection Program (PPP) included in the last round of coronavirus relief is insufficient to meet the demand.”
“Given the exceptionally high volume of requests we have already received, we will not be able to accept any additional requests for a loan through the Paycheck Protection Program,” the company said in a statement. “We will review all expressions of interest submitted by customers via our online form through April 5 and provide updates in the coming days.”