Treasury Secretary Steven Mnuchin on Tuesday asked congressional leaders to swiftly commit another $250 billion to replenish a new small business coronavirus program that is being overwhelmed by surging demand.
Republicans plan to push the matter in Congress immediately, but Democrats rejected the proposal.
Democrats have chosen this time to add hazard pay which small businesses can’t afford. They want this natural calamity to qualify as hazard pay and plan to prioritize other [socialist] benefits.
Schumer and other Democratic senators are pursuing legislation that provides hazard pay equivalent to $25,000 yearly for workers who have been forced to remain on the job during the pandemic.
The expense for that alone is cost-prohibitive. Dems think everyone has unlimited funds.
PAYCHECK PROTECTION FOR SOCIALISTS
The Small Business Administration initiative, called the Paycheck Protection Program, was created as part of the $2 trillion coronavirus rescue bill enacted late last month. It launched on Friday and allows companies with fewer than 500 employees to seek loans from banks that are meant to offset the recent disruption caused by the coronavirus pandemic. Since the program launched, banks and the SBA have been overwhelmed with applications, The Washington Post reports.
McConnell said he would speak with Senate Minority Leader Charles E. Schumer (D-N.Y.) and “hope to approve further funding for the Paycheck Protection Program by unanimous consent or voice vote during the next scheduled Senate session on Thursday.”
Many businesses have already laid-off workers as their revenue evaporated when millions of Americans were ordered to stay-at-home.
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The White House and Treasury Department have devoted enormous resources to get this program up and running.
Businesses with fewer than 500 employees are eligible for loans of up to $10 million. The loans will be forgiven, meaning business owners will not have to pay them back, if they meet certain conditions, including using 75 percent of the money to retain or rehire employees. Businesses can receive a $10,000 loan advance that does not have to be repaid, SBA has said.
WHITE MEN LEFT BEHIND?
Democrats and Republicans have commented in recent days that the $349 billion program would probably need to be expanded, but Democrats have called for “other extensions” too.
SBA Administrator Jovita Carranza wants to ensure that a portion of the PPP funding is directed toward companies owned by women, minorities, and veterans, among others [People here illegally?], particularly in rural and underserved areas.
[Identity politics! The only people we don’t hear mentioned are white men.]
CONFUSING ROLLOUT FOR THE RUSHED PROGRAM
Many businesses and bankers have expressed confusion — and exasperation — at how the program was rolled out, with some fearing that they had to make monumental decisions immediately or risk their company’s future.
This program is supposed to encourage small businesses to stop laying off employees.
Small businesses, which employ nearly half of the United States’ private-sector workers, have said they are facing long waits, confusing rules and rejection as they scramble to secure loans through the fund.
Some banks are restricting access to their customers only and not all of their customers.
SPEAKER PELOSI DEMANDS ‘CERTAIN CONSIDERATIONS’
Speaker Pelosi wants “certain considerations” before she will add more money to the small business fund. Her concern is “equality,” but from her past, one might safely assume she wants her socialist viewpoint to infect it.
Schumer also demands the hazard pay clause and ‘certain considerations.’
Watch:
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