Republicans attack as small business loans begin to run out

0
59


Republicans Intensify Attacks On Democrats For Holding $ 250 Billion In New Financing For A Popular Small Business Loan Program That Has Only $ 25 Billion In Its Account And Expected To Run Out Of Cash Thursday, May May -be many employers in a difficult place.

Majority leader in the Senate Mitch McConnellAddison (Mitch) Mitchell McConnellNew York, New Jersey Lawmakers Demand More Federal Aid For Coronavirus-Affected States McConnell Hits McGrath Following Attacks In New Announcement Hispanic advocacy group launches campaign to include immigrants in the fight against the pandemic PLUS (R-Ky.) And leader of the parliamentary minority Kevin McCarthyKevin Owen McCarthyHispanic rights organization launches campaign to include immigrants in pandemic fight Aids expect Schumer and Mnuchin to reach agreement on coronavirus relief Dozens of progressive organizations are asking Congress to fund PLUS email voting efforts (R-Calif.) Lashed out at Democrats for asking for concessions to reimburse the program, arguing that it was a bipartisan element of the $ 2.2 trillion CARES law and should not be taken hostage to other democratic priorities.

GOP leaders have warned that the Small Business Administration (SBA) will have to stop accepting applications for the Paycheck Protection Program (PPP), which makes repayable loans to employers who keep employees on the payroll, once l money exhausted.

“The Democrats have spent days blocking emergency funding for American paychecks and now the bipartisan program is running dry. That shouldn’t have happened, “said McConnell and McCarthy in a joint statement. “It has been amazing to see our fellow Democrats treating emergency funding of American paychecks as a Republican priority that they should be encouraged to support.

“Funding for a bipartisan program should not be a partisan issue,” they said. “The notion that crucial aid to workers does not appeal enough to Democrats without other additions sends a strange message about their priorities. “

Last week, McConnell asked for unanimous consent from senators to adopt a net increase of $ 250 billion for the small business program, but the Democrats opposed it.

Speaker Nancy PelosiNew York lawmakers Nancy PelosiNew York demands more federal aid for states hardest hit by Pelosi coronavirus: Ignore Trump, listen to scientists McConnell hits McGrath following attacks in new PLUS announcement (D-Calif.) And Democratic Leader of the Senate Charles SchumerCharles (Chuck) Ellis SchumerMcConnell Hits McGrath Following Attacks In New Schumer Announcement, Ocasio-Cortez Demands Federal Funds For New York Funeral And Burial Expenses Hispanic Rights Organization Launches Campaign For include immigrants in the fight against the pandemic PLUS (DN.Y.) Say that part of the paycheck protection program money should be reserved for businesses in underserved communities that do not have strong pre-existing relationships with banks, particularly women and minority businesses.

They want to couple the $ 250 billion for the SBA with $ 100 billion in new funding for hospitals and $ 150 billion for state and local governments. They are also lobbying for a 15% increase in funding for the Supplementary Nutritional Assistance Program (SNAP) to help low-income families.

Whip republican house Steve ScaliseStephen (Steve) Joseph ScaliseOvernight Energy: Trump would oppose royalty cuts for oil and gas companies | House GOP urges Saudis to cut oil production | Exxon Mobil cuts budget amid industry collapse Republicans threaten to push Saudi Arabia amid oil market collapse GOP leaders support efforts to increase loans to small businesses MORE (La.) Joined the criticism, calling on Pelosi and Schumer “to stop holding small businesses and workers across America hostage to their endless spending demands. “

“The solution is simple: a clean and autonomous financing bill for the PPP. No games, no gadgets. The Democrats must stand up for the moment and join the Republicans to provide the critical emergency relief that our small business owners and workers need and deserve, “he said. said.

President TrumpDonald John TrumpPompeo says WHO must “do its job” as Trump decides to stop funding campaign fundraising ground Trump seeks donations to “hold China accountable” Schumer: Trump thinks crisis coronaviruses ‘revolves around it’ MORE Wednesday highlighted the Democratic opposition to an increase in own funding for the PPP as an example of flourishing partisanship in Washington despite the coronavirus crisis.

“It has been so good that it is almost sold out and we want to restore it and we cannot get the Democrats’ approval,” he told reporters at the Rose Garden. “And it’s a program they and everyone admits … [is] awesome. “

Republicans may try to use the standoff as ammunition against Democratic candidates in the fall campaigns.

Republican National Senate Committee Director of Communications Jesse Hunt said Wednesday: “Senate Democrats have played a chicken game with essential relief for small businesses and now small business owners and their employees will suffer because of their inaction.” . “

Vulnerable candidates from both parties are anxious to reach an agreement.

“I totally agree that we need to get more funding for small businesses … especially if this money goes to the employees of these small businesses,” said Senator Doug Jones (D-Ala.) On Tuesday. journalists.

“I think everyone wants to see this and we understand that this money is going to run out,” he said. “From my point of view, I always believed that we should put in more money. The big question is: how are you doing and where are you going? “

Jones said “it is also important that we get more money, especially in two other areas: one is health care.”

“We need to get more money for the state and local communities [governments], especially our cities and counties, which are also subject to home stay orders, “he said. They always provide the police, firefighters, sanitation, all of these essential services. “

secretary of the treasury Steven MnuchinSteven Terner MnuchinTreasury Dept. and SBA administrator Jovita Carranza announced on Wednesday evening that the paycheck protection program would soon be unable to accept loan requests.

“By law, the SBA will not be able to issue new loan approvals once the programs run out of funds,” they said in a joint statement. “We urge Congress to allocate additional funds to the paycheck protection program – an essential and overwhelmingly bipartisan program – at which point we will once again be able to process loan applications, issue loan numbers and protect millions of additional paychecks. ”

The SBA reported that at 9 p.m. As of Wednesday, there had been more than 1.5 million approved requests totaling $ 324 billion, leaving only $ 25 billion in his account.

Congress allocated $ 349 billion to the program last month.

Mnuchin and Schumer spoke earlier on Wednesday to reach an agreement that would fund the small business program and also address two key democratic priorities: $ 100 billion for hospitals and $ 150 billion for states and governments local.

Democrats also want to reserve a portion of small business loans for businesses owned by women, minorities and veterans in underserved urban, rural and tribal areas.

A senior Democrat official said staff from Schumer and Pelosi spoke with Mnuchin and staff from the Treasury department on Wednesday, and agreed to continue talks on Thursday.



LEAVE A REPLY

Please enter your comment!
Please enter your name here