As pressure mounts on lawmakers to pass another round of economic relief before Congress adjourns for Christmas, the allocation of funding continues to be debated.has pushed Democrats to reject any bill that leaves out direct payments—like the $1,200 checks included in the CARES Act—Berkshire Hathaway Chairman Warren Buffett is urging Congress to extend the Paycheck Protection Program .
The program was included in last spring's CARES Act to provide an incentive for small businesses to keep their workers on payroll. The Small Business Administration would forgive the PPP loans if businesses satisfied all employee-retention criteria. Buffett also co-chairs the Goldman 10,000 Small Businesses program's advisory council. A survey of the program's participants recently found that 90 percent of these small businesses have exhausted their PPP funding, according to Goldman Sachs CEO David Solomon.
Restaurants have been hit particularly hard by the pandemic, with many forced to shutter for good because of social distancing requirements, bans on in-person dining and a lack of aid from the federal government.
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