‘Paycheck Protection Program’ Runs Out Of Money For Small Businesses, Trump Reacts: “Stop Playing Politics Dems!”

[Image source: Fox News, MSNBC, CNN video screenshots. Us4Trump.com compilation].

The Small Business Administration’s Paycheck Protection Program (PPP) has exhausted the last of the $349 billion in funding it was provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to make forgivable loans to small businesses, reported Countable.

A week ago, Senate Republicans tried to pass a “clean” bill by unanimous consent that would have simply boosted PPP funding by $250 billion. Senate Democrats objected and blocked the bill.

The PPP hit its lending limit Thursday morning after approving more than 1.6 million small business loans valued at $339 billion. The remaining $10 billion is allocated for covering loan fees on approved small business loans. Until Congress passes a bill to increase funding for PPP loans, the Small Business Administration is unable to accept new loan applications or admit new lenders into the program, reported Countable.

House Speaker Nancy Pelosi (D-CA) on April 9th called the attempt to pass more PPP funding in a clean bill a “stunt on the floor” and said there was “no data as to why we need it” while calling for negotiations. She also took a brief moment to “congratulate” Senate Democrats for blocking $250 billion in emergency relief to small business owners during an interview on MSNBC Tuesday.

President Donald Trump took to Twitter Thursday, slamming Democrats for “blocking additional funding” for PPP.

“Democrats are blocking additional funding for the popular Paycheck Protection Program. They are killing American small businesses. Stop playing politics Dems! Support Refilling PPP NOW – it is out of funds!” the president declared. Video Below

President Donald Trump’s official tweet:

FOX Business’ Hillary Vaughn reports:

Continued Below

Meanwhile, Senate Majority Leader Mitch McConnell also expressed his concern in a pair of tweets on Thursday, saying: “Millions more Americans are losing their jobs every week. Absolutely crushing”.

He pointed out that “Speaker Pelosi said she saw ‘no data as to why we need it.’ She said, ‘We have time to negotiate.’”

Democratic Senator Kyrsten Sinema voiced her support for PPP funding:

Leave a Reply