U.S. Republicans warn coronavirus aid program running out of cash

[Judi Lynn]

Source: Reuters

APRIL 14, 2020 / 10:54 PM / UPDATED AN HOUR AGO

David Morgan, Susan Cornwell
3 MIN READ

WASHINGTON (Reuters) - Republicans in the U.S. Senate and the Trump administration on Tuesday warned that a key program to help small businesses survive the coronavirus pandemic was running out of money, pressuring Democrats to agree on an emergency infusion of aid.

Senate Majority Leader Mitch McConnell warned that the $349 billion Paycheck Protection Program could run out of money this week unless Democrats agree to let a Republican bill adding $250 billion in forgivable loans pass by unanimous consent.

Democrats favor the $250 billion infusion but want broader legislation that would ensure PPP financing for minority-owned and rural businesses, and add assistance for hospitals, state and local governments and the poor. Republicans oppose the Democratic measure.

“There is no time to insist on sweeping renegotiations or ultimatums about other policies,” McConnell, the top Senate Republican, said in a statement. “Clean funding for worker pay in a crisis should not be controversial.”



Read more: https://in.reuters.com/article/health-coronavirus-usa-congress/u-s-republicans-warn-coronavirus-aid-program-running-out-of-cash-idINKCN21X0D1?rpc=401&

[Tech]

1. Has any DU business owners gotten help from this program? Last I read, small

businesses were having difficulties accessing the benefit.

[oldsoftie]

13. I filed, received a number and was told i wouldnt get an email about it.

And nothing since. But its been about a week or so, so I really didnt expect an answer this quick anyway.
No one i know has said anything about getting anything, but i dont know how many have filed

[greenjar_01]

2. Oh, you need money for small business? Repeal the Postal Service pension provisions and

fund the Postal Service through 2030.

Thanks.

[Rollo]

4. And open up the ACA to new enrollment...

... so people vulnerable to CV19 can get medical care...

[NBachers]

3. Let's get an accounting of where all this money went.

[pandr32]

5. +1000000

[Sugar Smack]

19. Another +1000000

[angrychair]

26. This first...

Seems interesting that small businesses, real small businesses, are not getting that money.

I would bet "small businesses" that are trump supporters are getting a lot of that money.

[JCMach1]

6. No helping business unless you help individuals with at least

Equal funding

[cstanleytech]

7. Dear Mitch,

You have fucked the american people more than enough so if you want more taxpayer money for businesses (most of whom do not even pay their workers a wage they can live on let alone save enough for retirement) so if you want more money now you better be prepared to make an honest and fair deal for a change.

[The Magistrate]

8. They Had Better Cave To Madame Speaker Then, Ma'am

And vote for measures demanded by the House that McConnell has sidelined.

Small business owners are by and large a Republican constituency. There are exceptions of course, just as there are older white men who voted for Mrs. Clinton. But by and large, that is a vociferously Republican constituency. It should get nothing till Republicans give in, and if many go to the wall, that is just the breaks for electing shit-heels to office. I have only a certain amount of sympathy, and there are many others with superior claims upon it than those of small business owners bankrupted by the intransigent determination of Senate Republicans to refuse adequate assistance to working people and medical personnel.


"Defeat of a hated enemy is something to be for."

[Baclava]

9. Hurry up and print more money then, and send us a check! Whats the problem?

[Nacht Owl]

10. No shit!

Gee, I wonder if giving over half the money to obscenely-rich companies and individuals kinda/sorta maybe has something to do with it?

[NBachers]

11. They've stuffed so much money up their god damn asses that you'd think they couldn't cram any more,

but the black hole of their souls has bottomless ravenous aching hunger and capacity. These motherfuckers are damaged beyond redemption.

Sorry, it's the late night scotch talking. Let me know if I've been amiss.

[tavernier]

21. No, you're ok. Just wish you wouldn't

tip toe around your feelings.

[2naSalit]

24. Spot on!

[duforsure]

12. Trump and the GOP

Are stiffing the American people and small businesses, just like trump does to contractors. We paid the money into the treasury only to watch trump and the gop manipulate it into the donors and their pockets, and now claim they are running out of money. Reverse the tax scam bill giving the likes of Walmart family a billion dollar refund yearly. trump screwing over many of his own supporters should wake them up now, while they're being forced to go back to work while a pandemic is still actively attacking us. trump and the gop lying and policies now are turning this country a lot bluer.

[bucolic_frolic]

14. "forgivable loans"

Not much of a loan if forgivable. Businesses use this to emerge unscathed, while people can't pay bills. Would have been cheaper to just write checks to all adults for 3 months so they could pay bills and keep business cash flowing.

[Igel]

20. The money that was to go to small businesses

to keep people on their payroll was forged as forgivable loans.

The business takes out the loan. Then, if they get their paperwork all worked out and meet all the conditions--something like no more than 10% taken for expenses, funding their employees at the right level, etc.--the loan is forgiven.

This money does absolutely nothing for employees except to keep them on the payroll, all of it, except a measly 90% or so, goes to business owners.

Yeah, that's what people are saying.

[mahatmakanejeeves]

15. "There is no time to insist on sweeping renegotiations...." "Why?" you ask. Because....

Bailout Is Windfall For Wealthy Real Estate Investors

April 15, 2020

From opinion columnist Dana Milbank:

Senate Majority Leader Mitch McConnell (R-Ky.) and House Minority Leader Kevin McCarthy (R-Calif.) have insisted that Congress spend another $250 billion on small businesses devastated by the pandemic, but they refuse to “renegotiate unrelated programs” from last month’s emergency coronavirus bill. What are they afraid of?

Well, maybe it’s this: As the dust settles on the $2.2 trillion legislation, it has become clear that one of its largest provisions, a $170 billion tax giveaway, appears to be tailor-made for the benefit of wealthy real estate investors such as President Trump and his son-in-law, Jared Kushner, who is running one of Trump’s coronavirus task forces.

The giveaway, primarily to real estate investors and hedge funds, is larger than the total amount in the legislation for hospitals ($100 billion) and for relief for all state and local governments ($150 billion). Worse, the bonanza for these millionaires and billionaires has little to do with the coronavirus: It lets them offset losses not just from 2020 but from 2018 and 2019, before the pandemic.

Read the full column.

[sinkingfeeling]

16. Just have MF45 divert some more money from the Pentagon/wall.

[moonseller66]

17. Going Postal?

Sooner or later, someone who has lost everything maybe even including a loved one because of trump is going to decide when they have nothing left, they have nothing to lose. But this time instead of taking it out on their fellow Americans, they will search for those who caused the problem...right or wrong.

I'm thinking the Tea Partiers from 2010 once they realize what's been done to them after they supported those who caused this mess.

Hopefully those who tried to help won't be the ones these people choose.

[neohippie]

18. GOP investigate this!!!

Perhaps the GOP should investigate why the last pandemic spending bill gives more money away to wealthy real estate investors, like Kushner and Trump that it did to hospitals and state and local government. Why are we giving away money to real estate investors in this crisis?

https://www.washingtonpost.com/opinions/2020/04/14/trump-kushner-could-reap-pandemic-windfall/

Well, maybe it’s this: As the dust settles on the $2.2 trillion legislation, it has become clear that one of its largest provisions, a $170 billion tax giveaway, appears to be tailor-made for the benefit of wealthy real estate investors such as President Trump and his son-in-law, Jared Kushner, who is running one of Trump’s coronavirus task forces.

The giveaway, primarily to real estate investors and hedge funds, is larger than the total amount in the legislation for hospitals ($100 billion) and for relief for all state and local governments ($150 billion). Worse, the bonanza for these millionaires and billionaires has little to do with the coronavirus: It lets them offset losses not just from 2020 but from 2018 and 2019, before the pandemic.

[McKim]

22. Time for a Bake Sale at the Pentagon!

It’s time for a bake sale at The Pentagon! Our tax dollars are being wasted by the Pentagon and we need that money to shift to actually using our money to help our own people here!

[raccoon]

23. Time to cut taxes on the rich again. :sarcasm: nt

[Bayard]

25. I'm self-employed/small business

And no employees--I'm it. When I checked into this, the $10K initial payment sounded great, especially since it was forgivable, and my business is in the toilet right now. Come to find out, if you don't have employees, you can only file for 25% of your other expenses (in my case, professional organizations, part of mortgage, etc.) I would get about $200.

Not worth it.

[stillcool]

27. redistributing wealth is what they do best.

it's the only thing they do.