US Senate Fails To Pass Additional SMB Aid

Senate

A federal measure to provide additional relief for small and medium-sized businesses (SMBs) hurt by the coronavirus pandemic will have to wait.

In a duel that ended the prospects for passage of more government aid this week, Democrats and Republicans staked out their positions and recessed until Monday, CNBC reported Thursday (April 9).

The fight began when Sen. Ben Cardin, a Maryland Democrat, objected to Republican Senate Majority Leader Mitch McConnell’s motion to approve more loans for small business funding, the reported said.

The Kentucky Republican sought unanimous approval for an additional $250 billion into a loan program for small businesses struggling to stay afloat during the COVID-19 crisis.

Cardin’s objection put the legislation on hold. McConnell urged Democrats not to block emergency aid because they want something more.

Cardin called McConnell’s move to pass the funding a political stunt.

House Speaker Nancy Pelosi joined the criticism, calling the Senate vote a stunt as the country deals with the coronavirus pandemic. She said the administration was trying to jam a $250 billion request through Congress with 48 hours’ notice with little data to back it up, the Associated Press reported.

Sen. Chris Van Hollen (D-Md.), then tried to unanimously pass a Democratic amendment that would provide $250 billion for $250 billion for hospitals and states. But McConnell blocked it, and the Senate recessed until Monday.

The stalemate came as jobless claims released Thursday (April 9) showed the coronavirus triggered another 6.6 million unemployment claims for the week ending April 4. Data from the Department of Labor reflect an increase of 187,538, or 3.1 percent, from the week ending March 28. During the same time period last year, 196,071 filed for unemployment.


Motus Bolsters Reimbursement Capabilities With Everlance Acquisition

business driver

Vehicle reimbursement firm Motus has acquired mileage/expense tracking solution Everlance.

The deal, announced Wednesday (Feb. 19), is aimed at bolstering the firm’s ability to provide reimbursement solutions for every type of employee required to drive for their job.

“The success of so many organizations depends on employees driving their own cars as part of their jobs,” Motus CEO Phong Nguyen said in a news release. “For those businesses with sales teams, merchandisers, home healthcare or a host of other critical roles — it can be a struggle to gain the visibility and control they need to optimize reimbursement spend, mitigate risks, and bolster the productivity of all those employees on the road.”

By coming together, Nguyen added, the two companies can offer customers a better set mileage reimbursement, driver safety and training, and tax and compliance solutions.

Founded in 2015 by Alex Marlantes and Gabriel Garza, Everlance offers a “self-managed vehicle reimbursement solution” that the company says has helped more than 4 million drivers track their miles automatically, catalog expenses and maximize their take-home pay.

The acquisition combines Everlance’s mobile app and employee experience with Motus’ analytics and business intelligence, the release added.

The deal comes weeks after similar news from this field, with the announcement that TravelPerk had acquired Yokoy in an effort to create an integrated travel and expense management platform. That acquisition melds Yokoy’s spend management platform with TravelPerk’s business travel platform, letting TravelPerk offer customers a choice of localized solutions to meet their needs.

The two companies have been collaborating since 2020 to jointly offer travel and expense management to their customers.

In other expense management news, PYMNTS wrote last fall about the “revolution” going on in this field, one that’s often held back by outdated systems.

“For companies with extensive legacy systems, the transition to a modern B2B payment platform requires time, investment and operational overhaul,” that report said. “Legacy infrastructure, often built on fragmented systems and siloed data, cannot easily adapt to the real-time, integrated functionality that today’s expense management tools offer.”

The lack of flexibility in older systems leads to friction for businesses looking for seamless integration and transparency. Legacy payment rails, such as ACH and wire transfers, are often slower and offer less efficiency than emerging options like real-time payments.

“While new, AI-powered expense management tools can optimize internal processes, their impact is ultimately limited by the traditional payments infrastructure on which many incumbents still rely,” PYMNTS wrote.