The United States Small Business Administration (SBA) told lawmakers that the newly rolled-out Paycheck Protection Program (PPP), which brings economic relief to small businesses suffering financially due to COVID-19, will run out of funds as early as Wednesday.
The @SBAgov #PaycheckProtectionProgram continues to help small businesses. 1.3M+ loans have been approved valued at nearly $300B.
— House Committee on Small Business - Republicans (@HSBCgop) April 15, 2020
As more of the $349B is allocated, Congress must work together to add funds to this crucial program. Small businesses cannot afford this delay.
NEW: SBA expects to run out of money for emergency coronavirus loans for small businesses imminently—*this afternoon,* sources tell me. The $349 billion in the PPP program is meant to help cover payroll.
— Jennifer Jacobs (@JenniferJJacobs) April 15, 2020
The Senate originally legislated $350 billion to be delivered to small businesses, and Leader McConnell has pushed for more funding since last week. Senate Democrats blocked this effort; Senate Republicans proposed a clean bill to legislate $250 billion additional dollars to the vital program.
Speaker Pelosi and Minority Leader Schumer still blame the GOP for the delay of funding, despite the hold up orchestrated by Democrats:
Small biz in rural areas should have access to funds even if they're not customers of larger banks.
— Chuck Schumer (@SenSchumer) April 13, 2020
Same for minority-owned biz.
Small banks & funds should be able to provide this help NOW.
Small biz shouldn’t have to wait while well-connected banks dole out $$ to fav clients.
The Paycheck Protection Program is a crucial tool for protecting workers across the country – yet serious flaws are keeping far too many small businesses from receiving the resources they need. The @SenateGOP must stop blocking commonsense solutions that put #FamiliesFirst. https://t.co/SBIAvqQhtN
— Nancy Pelosi (@SpeakerPelosi) April 15, 2020
Small businesses will suffer even more economic distress if more funding is not legislated, and if Democrats do not put their partisan politics aside for the sake of Americans in the small business sector.
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