McConnell Pushes for Thursday Vote to Boost Small-Business Loan Funding

Meanwhile, Politico reported Tuesday that President Donald Trump has "upended the panel of federal watchdogs overseeing implementation of the $2 trillion coronavirus law, tapping a replacement for the Pentagon official who was supposed to lead the effort."

A panel of inspectors general had named Glenn Fine — the acting Pentagon watchdog — to lead the group charged with monitoring the coronavirus relief effort, Politico reported. "But Trump on Monday removed Fine from his post, instead naming the [Environmental Protection Agency] inspector general to serve as the temporary Pentagon watchdog in addition to his other responsibilities."

That decision "effectively removed Fine from his role overseeing the coronavirus relief effort, since the new law permits only current inspectors general to fill the position," Politico said.

Schumer said in a Tuesday statement that "President Trump's corrupt action to sideline Acting Inspector General Glenn Fine, who was newly-appointed as chair of the Pandemic Response Accountability Committee, only strengthens Democrats' resolve to hold the administration accountable and enforce the multiple strict oversight provisions of the CARES Act."

The Federal Reserve said Monday that it would create a new program to finance the loans, which will free up banks' balance sheets to increase lending.

— Related on ThinkAdvisor:

• SBA, Treasury Issue FAQ for Small-Business Stimulus Loans
• Stimulus Options to Help Small Business, Employees Stay Afloat