With the Paycheck Protection Program Officially Out Of Funding, Pelosi And Schumer's Shameful Actions Will Now Directly Harm Hardworking Americans SENATE MAJORITY LEADER MITCH McCONNELL (R-KY): "One week ago, on this floor, I warned that the Paycheck Protection Program was running out of money and tried to a pass clean funding bill. Senate Democrats blocked it. Here's where we are, a week later, with absolutely no progress. This morning, the program ran out of money and shut down, just as I warned a week ago. But even now, Senate Democrats are still blocking funding. Every Senate Republican was ready to act today, but Democrats would not let us reopen the program. It is absolutely surreal to see Democratic leaders treat support for workers and small businesses as something they need to be goaded into supporting. This really should be above politics. Five million more Americans lost their jobs just last week. That makes 20 million layoffs in just one month. Americans need Democrats to stop blocking emergency paycheck money and let this job-saving program reopen. I hope our colleagues will come around soon." (Sen. McConnell, Remarks, 4/16/2020) Funding For The Small Business Paycheck Protection Program Ran Out This Morning, 'Leaving Many Firms Grasping For Lifelines' THE WASHINGTON POST: "White House says new small business loan program is out of money, leaving many firms grasping for lifelines" (The Washington Post, 4/16/2020)THE WALL STREET JOURNAL: "Funding Exhausted for $350 Billion Small-Business Paycheck Protection Program" (The Wall Street Journal, 4/16/2020)
AXIOS: "Small business loan fund from coronavirus stimulus runs out" (Axios, 4/16/2020)
THE HILL: "The initial $349 billion pool for emergency loans for small businesses derailed by the coronavirus pandemic has run dry … The Treasury Department and Small Business Administration (SBA) have tapped the entirety of funding allotted for the Paycheck Protection Program (PPP), which offers forgivable loans to small businesses intended to keep workers on payroll and small firms from going under." ("Small Business Loan Program Out Of Money Amid Impasse Over New Funds," The Hill, 4/16/2020)
Yet Out-Of-Touch Speaker Pelosi Is Still Denying The Urgencies Of Additional PPP Funding "WHAT THEY'RE SAYING … SPEAKER NANCY PELOSI said that she has heard funds are running out, but she hasn't seen data confirming that." (Politico's Playbook PM, 4/16/2020) 'This Never Needed To Happen,' Democratic Leaders' 'Refusal To Provide Additional Funding For This Bipartisan Program Is Indefensible,' 'It's Ridiculous; It's Being Held Hostage For Things Unrelated To It' SENATE MAJORITY WHIP JOHN THUNE (R-SD): "This never needed to happen. @SenateGOP was ready to approve more relief funds last week — Dems stepped in to block. *Once again* Dems are holding important relief hostage to push other items. Small businesses are the backbone of our country, & right now they need our help." (Sen. Thune, @SenJohnThune, Twitter, 4/16/2020)SEN. MARCO RUBIO (R-FL), Senate Small Business & Entrepreneurship Committee Chairman: "In just 12 days, this program has approved over $300 billion of aid. And now, now it's frozen. It stops. It's ridiculous. It's being held hostage for things unrelated to it." (Fox Business, 4/16/2020)
SEN. MITT ROMNEY (R-UT), Senate Small Business & Entrepreneurship Committee Member: "Emergencies demand emergency action: the Paycheck Protection Program for employees of small business is NOW out of money. Dems should immediately agree to replenish these funds so we can get urgent help to workers." (Sen. Romney, @SenatorRomney, Twitter, 4/16/2020)
SEN. TODD YOUNG (R-IN), Senate Small Business & Entrepreneurship Committee Member: "The Paycheck Protection Program has helped tens of thousands of Hoosier businesses make it through this challenging time and keep their employees on payroll, but there are countless more still in need of assistance. Speaker Nancy Pelosi's refusal to provide additional funding for this bipartisan program is indefensible. I will continue fighting on behalf of Indiana to ensure this program has the funding it needs to protect Hoosier paychecks." (Sen. Young, Press Release, 4/16/2020)
SEN. SHELLY MOORE CAPITO (R-WV): "This situation could have been completely avoided. Small businesses in America are in desperate need. We should not be playing politics and denying small businesses the help they need. Congress MUST fund #PPP." (Sen. Capito, @SenCapito, Twitter, 4/16/2020)
Rank And File Democrats Urge Additional Funding For PPP 'ASAP' SEN. KYRSTEN SINEMA (D-AZ): "The PPP program is going to run out of funding soon - the Senate should approve [additional] funding by unanimous consent ASAP. Small businesses need our help to survive during this emergency." (Sen. Sinema, @kyrstensinema, Twitter, 4/16/2020)REP. JASON CROW (D-CO): "The [SBA's] Paycheck Protection Program has just run out of money, leaving business owners who are trying to pay their employees stranded. We need to fund the PPP and other SBA programs -- there are small businesses counting on our support." (Rep. Crow, @RepJasonCrow, Twitter, 4/16/2020)
Former Obama Administration SBA Administrator: 'Congress Has To Act As Soon As Possible … Number One, Get The Money Replenished' "Karen G. Mills, who led the Small Business Administration during President Barack Obama's first term, has a message for top Capitol Hill Democrats: Refill the so-called Paycheck Protection Program's coffers now and ask questions later." ("Obama Small-Business Chief Says Democrats Should Act Now On Loan Funds," Roll Call, 4/16/2020)SEN. BEN CARDIN (D-MD): "Reserving the right to object. … I am afraid that this unanimous consent is basically a political stunt because it will not address the immediate need of small businesses in the legislation that we have passed … The SBA doesn't need money today to process the Paycheck Protection Program…. I object." (Sen. Cardin, Congressional Record, S.2168-2170, 4/9/2020)
SEN. CHRIS VAN HOLLEN (D-MD): "Mr. President, reserving the right to object. This is an unfortunate moment for the U.S. Senate. … Yet, today, we see from the majority leader a complete political stunt here on the floor of the U.S. Senate … This was, in fact, designed to fail, designed as a political stunt." (Sen. Van Hollen, Congressional Record, S.2169, 4/9/2020)
'Senate Democrats Block Republicans' $250 Billion PPP Injection' BLOOMBERG NEWS: "Democrats Block McConnell Push to Boost Small Business Aid" (Bloomberg News, 4/09/2020)AXIOS: "Senate Democrats block Republicans' $250 billion PPP injection" (Axios, 4/09/2020)
CBS: "Senate Democrats block $250 billion expansion of small business loan program" (CBS News, 4/09/2020)
WASHINGTON EXAMINER: "Senate Democrats block urgent small business package and demand bill with larger scope and cost" (Washington Examiner, 4/09/2020)
Speaker Pelosi: 'I Congratulate Senate Democrats' For Objecting To $250 Billion More For PPP, There Is 'No Data As To Why We Need It,' 'So, We Have Time To Negotiate' HOUSE SPEAKER NANCY PELOSI: "This morning, Leader McConnell honored that request--I say honor, really, dishonored the needs that we have with the stunt on the floor of the Senate requesting that $250 billion, No data as to why we need it and the rest when there are outstanding needs.… Eventually will we need more for PPP? Okay, let's see the data, but right now, they haven't spent even a third of that. Say, they have spent a third, they still have two thirds of it left. So, we have time to negotiate to see how and where and when we should have more money there." (Speaker Pelosi, Press Conference, 4/9/2020)SPEAKER PELOSI: "So, last week, when they came, they asked for a quarter of a trillion dollars in 48 hours, I said, well, I don't -- I don't think so. … So, Chuck Schumer and I, as this all happened on the Senate side, and I congratulate the Senate Democrats, they went to the floor when Mitch McConnell went in for $250 billion. And they said -- they objected ..." (MSNBC, 4/14/2020)
Meanwhile, 22 Million Americans Are Out Of Work 'In An Unprecedented Collapse' "The ranks of Americans thrown out of work by the coronavirus ballooned Thursday to at least 22 million in an unprecedented collapse … The government said 5.2 million more people applied for unemployment benefits last week, bringing the four-week total to about 22 million out of a U.S. work force of roughly 159 million — easily the worst stretch of U.S. job losses on record. The losses amount to about 1 in 7 workers." ("US Job Losses Mount As Economic Pain Deepens Worldwide," The Associated Press, 4/16/2020)"Another 5.2 million Americans filed for unemployment benefits last week, bringing the total seeking aid in a month of coronavirus-related shutdowns to 22 million workers and showing a broad shock for the U.S. labor market. Since mid-March about 13% of the labor force has sought jobless assistance, far outpacing any prior four-week stretch on record…. Prior to the pandemic, the largest number of Americans to ask for unemployment benefits in a four-week stretch was 2.7 million, or 2.4% of the labor force, in the fall of 1982. Thursday's report also showed 12 million Americans received unemployment payments in the week ended April 4, a record. That is up from 7.4 million the prior week, which exceeded the highest level set in the 2007-2009 recession." ("U.S. Jobless Claims Top 20 Million Since Start of Shutdowns," The Wall Street Journal, 4/16/2020)
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