Home Business ‘It’s an economic war’ – Warren Buffett urges Congress to extend relief...

‘It’s an economic war’ – Warren Buffett urges Congress to extend relief for small businesses

Warren Buffett

Gerry Miller | CNBC

Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, urged Congress to extend aid to small businesses as they continue to struggle through the coronavirus pandemic.

“It’s an economic war,” Buffett told CNBC’s Becky Quick on “Squawk Box,” speaking alongside Goldman Sachs CEO David Solomon about helping small businesses. Specifically, Buffett 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,” Buffett 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.”

The window to apply for PPP loans expired earlier this year even with funds remaining in the program.

This is breaking news. Please check back for updates.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.