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    Pelosi and Schumer delay Paycheck Protection expansion into next week, demanding unrelated spending

    Pelosi and Schumer delay Paycheck Protection expansion into next week, demanding unrelated spending

    The program is out of money, SBA not accepting new applications. Even former Obama SBA chief is fed up: “What I’m saying is: Number one, get the money replenished.”

    https://www.youtube.com/watch?v=Gyb-DjVT5_c

    The Payroll Protection Program is out of money. The SBA has stopped taking applications. Hundreds of thousands of applications that already have been submitted cannot be funded.

    Tens of millions of people are out of work without the backstop of businesses getting help retaining staff. And it’s all because Nancy Pelosi and Chuck Schumer have taken the nation hostage in order to extort $250 billion in unrelated additional spending.

    We covered the history in our post yesterday, Paycheck Protection Program out of money as Nancy Pelosi still demands additional unrelated spending:

    A week ago, when it was clear that the $350 billion Payroll Protection Program to help business retain workers would not be sufficient given the demand, Republicans propose a clean unanimous consent authorization to add another $250 billion to the program.

    That proposal, however, required unanimous consent, which Democrats in the Senate — working in coordination with House Speaker Nancy Pelosi — refused unless Republicans agreed to an additional $250 billion (bringing the total to $500 billion) of spending unrelated to the Payroll Protection Program. This was the same type of hostage taking Democrats did to delay the original $2 trillion rescue package.

    Nance Pelosi thanked Senate Democrats for blocking the Senate funding vote.

    Yesterday, Tuesday night, April 14, when it was clear the PPP would run out of money on Wednesday, Pelosi repeated that Democrats would not agree to clean funding unless they got some or all of the additional unrelated spending. Pelosi then went on the Late Late Show to show off her very expensive kitchen and massive refrigerator/freezers packed with expensive ice cream.

    The carnage from the government-required shutdown of the private sector is real. A Bloomberg reporter summed up what she’s hearing.

    “I’m having a tough night. Hearing from small business owners who didn’t get PPP and who aren’t going to make it, it’s just brutal.”

    https://twitter.com/meganmurp/status/1250896115093966853

    There will be no expansion of funding until next week, as Democrats continue to try to squeeze additional spending as a precondition to expanding the PPP:

    The Senate adjourned on Thursday without a deal, meaning the impasse will last until at least Monday, when the chamber is next expected to convene for another pro forma session.

    The breakdown comes as Democrats are pushing for the replenishment of the PPP to include additional funding for state and local hospitals and measures that ensure loans make it to women- and minority-owned businesses.

    Senate Minority Leader Charles Schumer (D-N.Y.) told MSNBC on Friday morning that party leaders had “constructive talks” with the Trump administration and would continue to negotiate through the weekend. Vice President Pence had a call with Senate Democrats scheduled for Friday afternoon.

    “I don’t see a reason that we can’t come to an agreement soon,” Schumer said.

    There have been some Democrat Senators who have broken ranks.

    Even Obama’s SBA chief is calling for clean funding:

    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….

    “Congress has to act as soon as possible,” Mills told CQ Roll Call in an interview Thursday, adding that she’s spoken recently with Democratic senators and Speaker Nancy Pelosi’s office. “What I’m saying is: Number one, get the money replenished.” …

    “Complexity is not our friend here,” she 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.”

    Pelosi can barely explain why she is doing this to small businesses for which a delay of a week could be the difference between surviving and closing forever.

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    Comments


    Even with the complicit “reporting” of the MSM, it’s hard to see how the Democrats aren’t going to be hurt by this stance. Also, I foresee at least one ad by the RNC featuring Pelosi’s ice cream and refrigerators and some (former) small business owners come October.


       
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      Katy L. Stamper in reply to Dave. | April 17, 2020 at 1:23 pm

      I agree, because people who run businesses that need this money, and those that work for them, are paying very close attention to this.


       
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      zennyfan in reply to Dave. | April 17, 2020 at 10:31 pm

      We know for certain the business person won’t be the owner of Jeni’s. Pelosi will keep that business open all by herself, with maybe some help from her visiting grandkids.


       
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      Ariztocrat in reply to Dave. | April 18, 2020 at 2:05 am

      The whole reason they do these things is that they know they can get away with them. No one is ever going to hold them to account.


     
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    rdmdawg | April 17, 2020 at 2:52 pm

    ‘Tens of millions of people are out of work without the backstop of businesses getting help retaining staff.’

    Where will the staff go? If an industry is shut down, it’s shut down everywhere.

    We’re gonna have to explore areas of economics that havn’t been explored in the history of the world… unless we re-open everything, right now, which minimizes the damages, though it may already be too late.

    We’re well past a recession and very, very deeply into a Second Great Depression now. Do you know how to raise a crop and preserve it over the winter?


     
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    American Human | April 17, 2020 at 3:45 pm

    I predict that Pelosi and Schumer will get everything they want.

    Where do people think the money from these bailouts come from? It comes out of the economy, either now or in the future. The simplest solution for the problems faced by businesses and their employees is to open the economy back up, without restrictions.


       
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      rdmdawg in reply to Mac45. | April 17, 2020 at 8:05 pm

      Second easiest solution is to give everyone a tax holiday.


         
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        Katy L. Stamper in reply to rdmdawg. | April 17, 2020 at 8:31 pm

        Except, no income, no tax.


           
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          rdmdawg in reply to Katy L. Stamper. | April 18, 2020 at 12:00 am

          Governors should’ve thought of that before they shut our economy down. That was the original mistake. Now, they’re desperate for that tax revenue, so the race to ‘re-open’ everything.


             
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            Mac45 in reply to rdmdawg. | April 18, 2020 at 11:37 am

            They thought about that. Why do you think that liquor stores and weed shops remained open? Besides the fact that their products number the user and can make his more tractable, they produce a tremendous amount of tax revenue.

            Now, a tax holiday simply will not work, if you are spending public money. As I said, public money comes from the populace. If you are giving public money to the populace, because they have no money, then there is no way to replenish the supply of that money, except from the populace, which has no money. And, no matter what segment of the population you tax, everyone ends up paying it one way or another.

    Neither of them has worked a day in their life, let alone run a business or provided employment and valuable services or products to anyone.

    They have idea what it’s like to have a 10,000 per month rent obligation, HEALTH insurance for employees, $40,000 per month in payroll and pre-shutdown monthly revenue of $140 – $160K, now cut down to $5K in business.

    The only thing Pelosi produces is contempt, debt and government oppression. Am 80 year old relic and grotesque manifestation of why the federal government has become the enemy of America and Americans.

    Goddamn the both of them, if not the lot.


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