Dow jumps 300 points | Stimulus negotiations gain steam | Buffett to Congress: Help small businesses
EDITOR'S NOTE
Small businesses are hurting as the coronavirus pandemic forces cities and states to once again tighten social distancing measures and restrictions. Legendary investor Warren Buffett thinks Congress needs to step up and help those businesses out.
"It's an economic war," Buffett, chairman and CEO of Berkshire Hathaway, told CNBC's Becky Quick on Tuesday. Specifically, he asked lawmakers to extend the Paycheck Protection Program. "I think the country owes it to the millions of small business people … just renew the PPP and get us to the end of the tunnel."
Congress has been in a stalemate for months in its negotiations on new government aid, putting pressure on businesses, particularly the smaller ones. Late Monday, a bipartisan group of lawmakers presented a fiscal stimulus package that includes about $300 billion to support small businesses.
The uncertainty around the pandemic and additional stimulus contributed to the NFIB's Small Business Optimism Index declining for the first time in three months in November.
Without additional aid for small businesses, Washington is "in the process of dashing the dreams of tens of thousands," Buffett said. "Congress should act."
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