Warren Buffett said on Tuesday (US time) the United States is fighting an “economic war,” and that Congress must step up quickly to help struggling small businesses that have become “collateral damage” in the coronavirus pandemic.
Speaking on CNBC television, the billionaire chairman of Berkshire Hathaway said he hopes Congress provides new stimulus soon, and extends “on a large scale” the popular Paycheck Protection Program, which was established earlier this year to provide loans to the nation’s smallest employers.
“It’s an economic war,” Buffett said. “We need another injection to complete the job. Congress is debating that right now, and I hope very much that they extend the PPP plan on a large scale to let the people who may see the light at the end of the tunnel get to the end of the tunnel.”
Small businesses, he said, “have become collateral damage in a war that our country needed to fight.”