The Paycheck Protection Program is an SBA loan that helps small businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. It is a loan designed to provide a direct incentive for businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. At least 75% of the money must be used for salaries.
Loan application processing began April 3rd. Despite some initial confusion and some capacity issues within the SBA network, the program has been processing applications at a phenomenal rate. Over $75 billion was submitted for approval in the first three business days the program was in operation.
Small businesses are the backbone of the economy in this country. They have been the epicenter of the economic boom that has resulted from PDJT’s leadership. They are the reason that so many more people are making more money in this economy. They are the reason that the largest percentage of salary increases have been going to people on the lower end of the salary scale.
Due to the overwhelming enthusiasm for the program, it appears that the initial $350 billion allotment may run out before all of the applications are covered. Treasury Secretary Mnuchin asked Speaker Pelosi and Senate Leader McConnell for an additional $250 billion infusion into the program.
Senator McConnell framed a bill to do just that. It would not change any policy language that was previously approved. This was simply adding $250 billion to a program that is clearly very popular with the common people of this country. McConnell asked for unanimous consent. Speaker Pelosi instructed Sen. Cardin (D-MD) to oppose the bill and stall the legislation.
After the objection, McConnell told reporters, “This is the one program that was running out of money, needed assistance now, and all my proposed amendment would do, at the request of the administration, was to simply change one number.”
BREAKING: 10% of US labor force now out of work since virus slammed economy as 6.6 million file for jobless aid. https://t.co/7VoBGeOReI
— The Associated Press (@AP) April 9, 2020
Why did Pelosi throw a land mine into the process? Because it was not of the Pelosi, by the Pelosi and for the Pelosi. This woman is evil. The Democrats want to add money for their pet projects. They want to insert more pork and unrelated ideological items into the bill, things that have nothing to do with the recovery process. There’s also the fact that most small businesses are not unionized. Pelosi cannot get this money back in the form of union political contributions.
Rahm Emanuel’s “Never let a crisis go to waste” ideology surfaced once again. This is Jim Clyburn deciding that this is a “tremendous opportunity to restructure things to fit our vision.” That vision does not include those who are the backbone of our economy. Once again the Democrats have demonstrated their hate for regular Americans. They would rather wreck the backbone of the economy than help the common people of America.
Pelosi is playing chicken with American lives. The majority of small business owners are hard-working people who want to get back to work not only for themselves but for their employees. Plain and simple, the Democrats are holding American workers and small business owners hostage. She’s gambling with the future of millions of newly unemployed on the belief that destroying the economy will ensure PDJT loses in November.
This is the modern Democratic Party.