The Senate blocked a bipartisan bill on Thursday that would have provided $48 billion to restaurants, gyms, and other small companies that have been struck hard by the pandemic.
Senators voted 52-43 to take a vote on the bill, falling short of the required 60 votes. Only five Republican senators voted to move the plan forward, expressing concerns about the bill's impact on the government deficit and inflation.The bill, which was drafted by Senators Roger Wicker (R-Miss.) and Ben Cardin (D-Md.) and backed by Senate Majority Leader Charles Schumer (D-N.Y.) as a method to help struggling small companies get out of debt accumulated during the pandemic, is almost certainly doomed.
"Well, this was the best we could do." "We're unhappy that we weren't able to get it done," Cardin said after the vote. "However, you should know that I will always stand out for little businesses." I'll keep looking for opportunities to assist."
"You know, time is a very fleeting thing, so I really don't know," Wicker said after the vote when asked if there were any plans for a similar proposal in the future.
Advocates contended that the extra money were required to avoid the closure of a large number of debt-ridden small firms.
The bill would have set aside $40 billion for a restaurant bailout fund. In their COVID-19 rescue plan, Democrats allocated $28.6 billion to the fund, but government funds quickly ran out, and just one out of every three applications received assistance.
"Local eateries around the country expected assistance, but the Senate was unable to complete the task," said Erika Polmar, executive director of the Independent Restaurant Coalition. "Neighborhood restaurants around the country have sold their houses, cashed out retirement assets, or taken out personal loans in order to keep their employees employed and their doors open."
The bill included $2 billion for gyms and fitness centers, $2 billion for live event operators, $2 billion for bus and ferry operators, $1.4 billion for small businesses near border crossings that were closed during the pandemic, and $500 million for minor league sports teams that suffered significant financial losses as a result of COVID-19.
Congress, according to the Community Gyms Coalition, which represents over 20,000 gyms and fitness facilities, "failed to invest in fitness and exercise despite their apparent advantages for Americans' mental and physical health."
According to the organization, "more than a quarter of gyms and exercise centers are permanently shuttered." "Those that are still open but have taken on debt to endure government-imposed closures and limitations may close soon."
Senators Lisa Murkowski (R-Alaska), Roy Blunt (R-Mo. ), Susan Collins (R-Maine), and Bill Cassidy (R-La.) joined Democrats in voting to move the bill to the Senate floor. Two Republicans and three Democrats did not cast ballots.
Republicans opposed the bill, claiming that it was wasteful and would exacerbate high inflation by pumping more money into the economy.
Sen. Rand Paul (R-Ky.) said in a speech leading up to the vote, "Democrats need to wake up and recognize that dumping more money into the economy is merely pouring $5-a-gallon gas on an already out-of-control fire."
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