Friday, 24 April 2020

Congress Finally Passes Emergency Small Business Loan Extension Program After Pelosi Stalls Out for Over a Week

Nancy Pelosi spent the last two weeks holding late night interviews while sitting at home in her mansion eating gourmet ice cream.
She did this while America’s small business owners were waiting for her to sign an extension to the emergency loan program.
The Trump campaign released a hard-hitting anti-Pelosi ad on Monday.
On Thursday House Democrats lied and tried to blame the Republicans for the delay on Thursday. 
Finally, after a 16 day delay Pelosi finally held the vote on Thursday in the US House.
The legislation passed and is heading to the president’s desk.
Pelosi was two weeks late.
Via US News and World Report:
THE HOUSE ON THURSDAY overwhelmingly passed an additional $484 billion in funding for a small business loan program, hospitals and testing, advancing the fourth installment of coronavirus relief to combat a growing public health crisis and remedy an economy in freefall.
The interim funding package, which passed in 388-5, centered on replenishing the depleted Paycheck Protection Program with another $320 billion. The small business loan initiative was created as part of last month’s $2 trillion rescue package to keep employees on payrolls and avert layoffs. But within a few weeks, the program ran out of the initial $350 billion appropriated.
Republicans initially sought funding solely for the small business program with a request for $250 billion. But when they tried to unanimously pass it in early April, Democrats countered and pushed for increased funding for hospitals, testing, states and food assistance programs. After negotiations with the White House, the bill ultimately included $75 billion for hospitals and $25 billion for testing. Additionally, a portion of the new Paycheck Protection Program funds must focus on community banks and lenders and small businesses owned by minorities and women.
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