Kevin McCarthy: ‘22 million reasons why’ not to play politics on small biz program

House Minority Leader Kevin McCarthy on Thursday said there are “22 million reasons why” Congress should not be playing politics with a soon-to-be depleted loan program for small businesses that was part of the $2.2 trillion economic rescue package.

“I don’t know what more you [need] — 5 million more. 22 million reasons why we should not play politics right now,” Mr. McCarthy, California Republican, said on CNBC.

That’s a reference to Thursday’s Labor Department report on initial unemployment claims that showed an additional 5.2 million claims in the previous week, bringing the total to about 22 million over the last month as the coronavirus crisis wreaks havoc on the U.S. economy.

As of Thursday morning, the $350 billion program had issued at least $338 billion in loan guarantees and was coming perilously close to running dry.

“By the time we’re done with this interview, we may be out of money,” Mr. McCarthy said.

Mr. McCarthy said other elements in the $2.2 trillion package are not on the verge of running out of money.

“If it is, I’ll increase it if it’s needed,” he said. “I don’t think you even have to call anybody back here. You could do it by unanimous consent. I said on the Republican side, we would do that.”

Republicans have repeatedly called for a “clean” addition of $250 billion for the program.

Democrats have demanded more money for hospitals and localities, though Sen. Kyrsten Sinema, Arizona Democrat, on Thursday said more money for small businesses should be approved without delay.

“[T]he Senate should approve add’l funding by unanimous consent ASAP. Small businesses need our help to survive during this emergency,” Ms. Sinema said on Twitter.

House Speaker Nancy Pelosi has said the GOP proposal would not get unanimous support in the House.

The Senate was scheduled to convene for a pro forma session on Thursday, when a senator from either party could ask for a unanimous consent request to try to replenish the funding.

The “Paycheck Protection Program” provides loans to companies with up to 500 employees, and the loans are forgiven if the companies use the money to keep workers on their payroll.