Nancy Pelosi Says Paycheck Protection Program Will Include More Money for Those Who Need It as Deal Nears

A deal on a new coronavirus spending package that will provide billions more emergency funding for small businesses, health care services and testing is almost within reach, House Speaker Nancy Pelosi said on Monday.

Speaking with CNN's Anderson Cooper, Pelosi said negotiations now center around the "final language" of the deal, which she said was a "good thing."

"As we speak, we're in conversation with the final language. We have—I believe—come to terms on the principles of the legislation, which is a good thing," the House speaker said, according to a transcript of the interview published by her office.

"Now, we're down to the fine print. But I feel very optimistic and hopeful that we'll come to a conclusion tonight, so that it can be taken up tomorrow in the Senate and Wednesday in the House of Representatives," Pelosi said.

"We can't go until we have the final agreement, but we're close," she said.

Asked what the "hold up" has been on coming to an agreement on the funding package, Pelosi suggested that much of the debate centered around funding for the Paycheck Protection Program, which dried up last week.

"We all, as part of CARES 1 bill, supported investing in our small businesses. They are the most optimistic entrepreneurial ventures in our country, the source of job creation, wealth creation and we thought that it was a good idea to invest in them to protect jobs with the Paycheck Protection Program," she said.

However, she said, "before you know it—boom—all of a sudden they were already out of money."

"And when the Secretary came and asked me for $250 billion, a quarter of a trillion dollars in 24 hours, I said, 'Well, we want to see the data on how that is spent, but also we want to make sure that we are—as long as we are going to the Floor—that we do so in a way that makes sure everyone can participate in the program."

"They said, no, no. Until about 100 hours ago they said no," Pelosi claimed. "And now, they've said yes."

As a result of the drawn out negotiations, the House Speaker said there will now be "about $120 billion more for small businesses in there."

Much of that funding, she said, would be dedicated to "our underbanked communities, women and minority owned businesses, Native Americans, rural America, veterans, small business and the rest. So, they have the place to get these benefits as well."

Sharing video of her interview with Cooper, Pelosi wrote in a tweet: "We must take steps to ensure that all who need to can participate in the Paycheck Protection Program."

In addition Pelosi told Cooper that negotiators were seeking to include $100 billion for health, with $75 billion going to hospitals and $25 billion for testing.

"Testing is one of the places where we want the language to be as good as we can agree to, that we need a national strategy for testing," Pelosi added. "Testing is the key that opens the door to our economy. Testing, tracing and isolation."