• Pelosi and Mnuchin to discuss the gap between Dem’s and GOP’s offers
  • Pelosi to wait for a “full” package, but America needs immediate help
  • Mnuchin to recycle leftover PPP funds, in favor of immediate relief

Between urging tweets for lawmakers to “go big” with COVID-19 relief, President Trump has been vocal on his plans to create the perfect package: “It’s very simple: I want to do it even bigger than the Democrats… I’d take all the votes you could get, whether it’s Democrat or Republican.” So, what’s the hold-up?

House Speaker Pelosi and Treasury Secretary Mnuchin are at a standstill when it comes to the logistics of a new package. Mnuchin has continuedly agreed to increase the White House’s maximum budget, now at $1.9 trillion, but it’s still a few pretty pennies shy of Democrats’ $2.2 trillion HEROES Act. Pelosi and Mnuchin met Tuesday to close the price gap and continue with what will hopefully be a final round of negotiations.

The major disagreements remain: how to protect businesses from liability and whether to provide state aid. Mnuchin is pushing to reallocate leftover PPP loan funds for immediate relief while Pelosi is adamantly against a standalone stimulus without a full relief package.

“The all-or-nothing approach is an unacceptable response to the American people,” said Mnuchin and Mark Meadows, White House Chief of State. Pelosi responded that the White House is in a current state of “complete disarray” but she feels “optimistic” that they will come to an agreement on specific language for a new bill. Unfortunately, Pelosi’s optimism will not expedite the legislation process, which is currently set to coincide with the Nov. 3rd election day deadline.

What are your thoughts? We want to hear! Call us at 516-541-6549 or email us. And don’t forget to check out our DSJCPA COVID-19 Information Center to stay current and to speak with a member of our Coronavirus Response Team (CRT).

Sincerely,

Devin McQuillan
Associate, Creative Solutions

Contact:
516-541-6549 | Email

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