A popular small business relief program ran out of funds on Thursday morning, as billions of dollars in additional coronavirus aid remain stuck in congressional limbo.
The Small Business Administration said on its website that the agency is "currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time."
Although Republicans and Democrats agree they need to replenish the program, a $349 billion fund approved last month as part of the CARES Act, they have remained at an impasse over how to do so.
Last week, Treasury Secretary Steven Mnuchin asked Congress to allocate $250 billion more for the program. But a GOP attempt to approve it was rejected by Senate Democrats.
"The President and his Administration will continue to prioritize relief for all those affected by this unprecedented crisis, which is why Congressional Democrats must stop playing politics and blocking additional emergency relief for our Nation's small businesses," White House spokesperson Judd Deere said in a statement.
Lawmakers from both houses are working from their home states as a result of the outbreak and are unlikely to return to Washington, D.C. until at least early May.
The program, which launched less than two weeks ago, provides loans at ultra-low interest rates to businesses with fewer than 500 employees to incentivize them to keep staff on payroll, or rehire workers who have already been laid off. If at least 75 percent of the money goes to keep employees on the payroll, the federal government will forgive the loans.
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https://www.foxbusiness.com/money/small-business-loan-program-runs-out-of-money-not-accepting-applications
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19 comments:
My whole problem with this program is they gave the big name companies top priority for these loans and the SMALL business man is being put out of business because they put them on the back burner and there is no money left. The small business owner should have gotten first consideration when the loans were being dished out. Just another abuse by the big banks.
So to all you lazy libtards out there that rely on free stuff from the government, ask yourself a question, when the rubber meets the road is the government going to save you?
Damn Pelosi, just damn her!
Now I really know how it feels to be non essential. Glad the rich, illegals, Kennedy Center, politicians all get their monies! If I have to shut shop and move, I guess that’s what I’ll have to do! I don’t want to but, I guarantee I’ll be good wherever I go!
Signed,
Small Business Owner in Salisbury
The rich get their loan with staffs , the little guy gets cut out again
1235 "libtards"? I guess you miss where the GOP and Trump have championed this program as a major success.
Bigger question here, why does Congress believe businesses should take on loans to keep employees who are not selling a product or service. Let them lay these people off and gov provide unemployment benefits.
Its already being reported and investigated, you can find one Utube vid of a phone conversation explaining whats happened. The program has been frozen because hundreds of thousands of shell companies, even tho turned down for the big money each received 10k each and it drained it. Once it was realized it was frozen to protect what remains and be investigated. I remember Schumer has something to do with it...something about the way it was written made it ripe for fraud and someone at the top was prepared to drain it. Our government is so corrupt.
utube...search for SBA $1 billion stolen
A little hard to hear/ understand what they are saying but is he saying that they set aside a billion that only certain people/ their friends would be able to get?
You/ the applicant had to put a certain code on the app and it would get sent to higher ups to review and see if you were on the "good guy" list? (Only the "good guys" knew the code) If you didn't put the code in the blank the application was set aside in limbo. All the money was spent by Wednesday and it all went to the banks and the "good guy" list people? Now there is none left?
129 said:
Bigger question here, why does Congress believe businesses should take on loans to keep employees who are not selling a product or service. Let them lay these people off and gov provide unemployment benefits.
BINGO. Eliminates getting the loan and paying it back, getting the loan and having employees sit around prob doing nothing and employees prob would get more unemployment $$$$$$.
Lil secret - we've been doing it for years as seasonal hospitality workers. Its all in who you know.
Trump needs to Close Down Congress & call the Shots Himself !!!!
Thread by @littllemel: What BIG thing happened on 4/10/20? Did you miss it? It was the day Donald J. Trump became the most powerful president in U.S. history. Thre…
What BIG thing happened on 4/10/20? Did you miss it?
It was the day Donald J. Trump became the most powerful president in U.S. history.
Thread 👇h/t Susan Holmes
Last Friday, 4/10/20 (Good Friday), Wyoming became the 50th and last state to issue a State of Emergency declaration due to the Chinese virus. (The first state to do so was Washington State, on Monday March 2.) This is the first time in American history that EVERY U.S. State...
and Territory has been under a State of Emergency declaration simultaneously.
What does this mean?
During this unique National Emergency, the authority of the President of the U.S. is unquestionably plenary, meaning that his authority is expanded beyond normal boundaries.
What does the President now have control over?
(1) He can regulate all commerce and business transactions (National Defense Production Act), e.g. — he can order GM to make ventilators
(2) He can regulate ALL finances in the U.S., including all international transactions (Trading with the Enemy Act of 1917)
(3) He can take control of ALL MEDIA IN THE U.S. (Communications Act of 1934). He can establish the Office of Telecommunications Management which...
oversees all media and telecommunications. President Kennedy did this through Executive Order 10995 in 1962
(4) He can capture ALL manpower and resources (Kennedy Executive Orders 10997, 10999, 11000, 11001, 11002, 11003, 11004, and 11005)
(5) He can deploy the U.S. Military within the U.S.
(6) He can suspend the U.S. government
Sometimes people ask, “Why is President Trump waiting and waiting and waiting to drain the swamp?“ The reason is that he needed all 50 states under emergency powers to have full control.
Now he can even bypass Congress.
The President’s hands are no longer tied and he now has full authority to complete the enormous task of draining the swamp!!
Boom! 💣💣💣
(Note: 4/10/20 ➡ 4=D, 10=J, 20=T)
1:29
Libtards are those that the think the government is there to take care of them.
2:40
Whew! Man you need to clean up and get sober.
utube: analyzing leaked call to SBA by Tracy Beans
it was another Democrat money launder and how much went to the Democrat party? Their bank account needs to be audited and exposed for all to see!
2:40 pm Get it done !!! LOL
It makes me sick to witness the blatant theft Congress is allowed to continue to get away with. TIME TO RISE UP PEOPLE, ENOUGH IS ENOUGH
Trump needs to Close Congress & take over everything & Get-er-Done !!!!
Print More frigg'in $$$$$$$$$$$ !!!! then
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