Karen Mills was the small business czar under former President Obama and she just let the Democrats in Congress have it over the way that they've been treating small business owners during this pandemic and lockdown.
You know it's bad when an Obama Democrat is rebuking the Democrats in the House and Senate right now.
I think it's almost certain that the Democrats are going to lose the House in November based on the way that they're all acting.
Mills was asked about the Paycheck Protection Program that has now run out of money and here is how she responded.
“Congress has to act as soon as possible. What I’m saying is: Number one, get the money replenished.”
Before Congress left town, Republicans tried getting an additional $250 billion in funding for the stimulus plan, but Senate Democrats blocked the measure. Pelosi even congratulated the Senate Democrats for blocking funding.
“Complexity is not our friend here,” Mills said. “Things that have to be implemented quickly can’t have a lot of bells and whistles, or else there will be too many unintended consequences — one of which is delay. And we don’t have time to delay.”
Mills said there’s an easier way to ensure that the smallest small businesses get help: Congress should put a lending cap on $100 billion of the guarantee funds, limiting those to loans under a certain maximum, like $45,000. According to SBA data released Tuesday, the average PPP loan has been $239,000.
Beneficial State Bank’s Leach said there are other tweaks he’d like to see as well, such as raising the loan cap from 10 weeks of payroll to six months or a year. How much can be forgiven should also be increased from eight weeks to cover however long the stay-at-home orders are in effect, Leach said.
And the loan terms should also be increased from two years to the statutory limit of 10 years or longer, he said, so that if companies do have to pay them back, they aren’t saddled with paying back a big debt in just two years while the economy struggles to recover.
But the matter stands, if these small businesses don't get money, they're going to vanish and they'll have Democrats to blame for it.
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