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Small business loan program officially out of money; Dems won’t replenish without goodies

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Thanks to Democrat Party obstruction, small business owners still in need of coronavirus emergency funds are out of luck, as the $349 billion in funds initially set aside by the CARES Act has reportedly been depleted, and congressional Democrats continue to stonewall attempts by Republicans to approve more funding.

“The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time,” the Small Business Administration announced Thursday morning.

In a statement issued in tandem with the announcement, SBA Administrator Jovita Carranza and Treasury Secretary Steve Mnuchin urged “Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.”

Additional funds for the Paycheck Protection Program were supposed to have already been approved over a week ago but were blocked because of obstruction from Democrats.

“Senate Majority Leader Mitch McConnell, R-Ky., proposed legislation that would boost the popular Paycheck Protection Program (PPP) by $250 billion in addition to the $349 billion Congress approved last month as part of the $2.2 trillion pandemic response known as the CARES Act,” USA Today reported last Thursday.

“McConnell said the money was needed to keep afloat a program that has processed more than $100 billion in loans to nearly 400,000 businesses in less than a week, according to the Small Business Administration.”

But the bill failed to gain any traction because of Democrats who vowed to block the bill’s passage until McConnell bowed to their demands and added a slew of additional provisions, including one that would direct funding to “journalists.”

It’s not clear why “journalists,” all of whom have been allowed to continue working thanks to their craft being dubbed “essential,” deserve any funding amid the coronavirus crisis —  particularly funding that some would argue is far more desperately needed by the countless businesses that have been forced to shutter.

A week later, McConnell’s bill still remains hostage to Democrats, and as of noon Thursday it didn’t appear Democrats had any intention of backing down.

However, criticism against congressional Democrats was beginning to balloon, especially in light of news that the Democrat-led House has reportedly opted to depart for a lavish taxpayer-funded break/vacation until early May.

In a post published a day before the SBA ran out of money, the New York Post’s entire editorial board slammed Democrats for their cynical games.

“It’s beyond tragic: The loan program to aid small businesses hit by lockdowns is almost out of cash, yet Democrats still refuse to OK new funds unless their unrelated demands are met,” the board scathingly wrote.

If small-business closures spike, costing countless workers their jobs, Americans shouldn’t forget the Dems’ cynicism.”

It’s not clear whether top Democrat leader House Speaker Nancy Pelosi will even care.

Speaking from her lavish mansion this Tuesday evening, the speaker congratulated Senate Democrats for the stunt they’d pulled last week.

“I congratulate the Senate Democrats. They went to the floor when Mitch McConnell went in on $250 billion. And they objected,” she said to MSNBC host Chris Hayes.

Listen:

Two days later, millions of small business owners remain stuck with little money and ever-fewer options.

“The cost of continued Democratic obstruction will be pink slips and shuttered businesses,” McConnell and House Minority Leader Kevin McCarthy said in a joint statement late Wednesday.

“We hope Democrats see reason soon and finally heed Republicans’ repeated calls for a funding bill that can quickly earn unanimous consent from all 100 senators and become law.”

Vivek Saxena

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