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:
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!
— Donald J. Trump (@realDonaldTrump) April 16, 2020
FOX Business’ Hillary Vaughn reports:
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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”.
Millions more Americans are losing their jobs every week. Absolutely crushing.
Republicans have spent a week trying to fund the bipartisan Paycheck Protection Program so more Americans can keep their jobs.
Democrats are blocking the money and making the program run dry. https://t.co/TvdkUkRkOU
— Leader McConnell (@senatemajldr) April 16, 2020
He pointed out that “Speaker Pelosi said she saw ‘no data as to why we need it.’ She said, ‘We have time to negotiate.’”
Republicans tried to pass more money for Americans’ paychecks last week. Democrats blocked it. Speaker Pelosi said she saw “no data as to why we need it." She said "we have time to negotiate.”
Democrats did nothing and now the program has shut down. https://t.co/MSwJAEybO4
— Leader McConnell (@senatemajldr) April 16, 2020
Democratic Senator Kyrsten Sinema voiced her support for PPP funding:
The PPP program is going to run out of funding soon – the Senate should approve add’l funding by unanimous consent ASAP. Small businesses need our help to survive during this emergency. https://t.co/kYTbjGHCXM
— Kyrsten Sinema (@kyrstensinema) April 16, 2020
