As small businesses across the country continue to struggle in the wake of continued lockdowns related to the Covid-19 pandemic, Warren Buffett (Trades, Portfolio) urged Congress to extend aid during a CNBC "Squawk Box" interview on Tuesday.
In particular, Buffett wants the Paycheck Protection Program to be prolonged. The window to apply for these loans expired earlier this year even though there were remaining funds.
"The small businesses received some help, but it's not getting them to the end of the tunnel," the Berkshire Hathaway BRK.ABRK.B chairman and CEO said.
Without additional aid, Congress is "in the process of dashing the dreams of tens of thousands," Buffett added. "Congress should act."
While the billionaire investor acknowledged that large grocery chains have been thriving as consumers have stocked up on food, he also noted that small and mid-sized restaurants have especially struggled to make ends meet as social distancing and other restrictions have made it harder for them to operate.
"It's an economic war," he said. "When we went into World War II, a lot of industries were shut down; everything went to the defense production. Well, we've shut down a lot of people in this particular induced recession and others are prospering."
Congress, meanwhile, has been in a stalemate over the past several months as negotiations for new aid have failed to make any progress. CNBC reported a bipartisan group of lawmakers presented a $908 billion fiscal stimulus package on Monday that includes $300 billion to support small businesses.
"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," Buffett said.
Watch the full segment below.
Disclosure: No positions.
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