It's official. The SBA's Paycheck Protection Program has officially run out of money.
This was expected for weeks and the time has finally come. Congress was aware that funding was going to run out which is why the White House was asking for another $250 billion to go with it. It doesn't look like it's going to happen either. Why? Because Democrats hate America.
They're completely trying to leverage this circumstance. There's no doubt about it and they're doing so at the cost of jobs, livelihoods, and even lives. Democrats are simply playing a political game for gain and they don't care who gets hurt along the way.
This entire time that President Trump, Congress, and the rest of the White House have been working hard to keep everyone safe and help provide for them financially, Democrats have been stalling and putting Americans in a worse spot by looking after their own interests.
The Paycheck Protection Program (PPP), passed as part of the third coronavirus relief package, the CARES act, is a fund of $349 billion, designed to buoy struggling businesses with fewer than 500 employees. Business that apply for PPP loans can apply later to have those same loans forgiven if they use the money to keep their employees on the payroll, pay rent, buy office supplies, or, simply, keep their doors open to commerce.
Freelancers and other independent workers who own their own businesses are also eligible to apply for the loans.
But banks like Wells Fargo told the Treasury Department late last week that applications were far outpacing availability. By last Friday, Forbes reports, financial institutions “had approved 880,000 applications for a total of $217 billion…That equals roughly 62% of allocated dollars.”
The White House has been trying to secure more funds for the program, but Nasty Nancy Pelosi and the other Dumbicrats are actually preventing this from happening.
They're not even ashamed of themselves either. In fact, Nancy Pelosi spoke to MSNBC about it and even congratulated the Democrats for not providing more help when they desperately need it.
Pelosi said, "I congratulate the Senate Democrats..." referenced their rejection of Mitch McConnell's request for another $250 billion. She claims that there is no evidence that it's needed. If it wasn't needed then this first batch of money wouldn't have been depleted so quickly.
— RNC Research (@RNCResearch) April 15, 2020
They're not going to do anything about it though. Democrats simply don't care. They're just going to enjoy their vacations. So just eat up your ice cream Nancy, while Americans are trying to figure out how to make ends meet right now thanks to you.
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