Congress in a deadlock as funding for small business bailout is exhausted

Congress's initial $350 billion rescue package for small businesses is running out. As the funds dry up, banks will be unable to issue more Paycheck Protection Program loans, designed to tide over the staffs of small businesses during the pandemic. 

Congressional Democrats continue their opposition to Senate Majority Leader Mitch McConnell's proposal to inject an additional $250 billion into the fund as soon as possible. Democrats are holding out for billions more to go to local governments and hospitals. House Speaker Nancy Pelosi says McConnell's bill will not pass her Democrat-controlled chamber unanimously. Congress during the coronavirus has held so-called voice votes to pass legislation. However, such that voting procedure essentially require unanimous consent to pass legislation.

Pelosi and Senate Minority Leader Chuck Schumer are continuing discussions with White House congressional liaison Treasury Secretary Steve Mnuchin. But congressional Republicans are skeptical about him cutting a deal they'll be able to endorse.

The Senate will have a pro forma session this afternoon, but Republicans will reportedly not try and pass their bill a second time.

"The notion that crucial help for working people is not appealing enough to Democrats without other additions sends a strange message about their priorities," said a statement from McConnell and House Minority Leader Kevin McCarthy on Wednesday evening.