The $350 billion Paycheck Protection Program is about to run out of funding, after Senate Democrats blocked a proposed $250 funding increase unless Republicans agreed to unrelated Democrat funding requests.

We covered the Senate Democrat action, fully supported by House Democrats led by Speaker Nancy Pelosi, last week, Democrats block expansion of Paycheck Protection Plan, demand more unrelated spending:

The goal is to keep people employed until the economy can restart, and hopefully to keep small businesses afloat. Yet Democrats once again are holding such relief hostage to additional demands for funding and social goals.

All Republicans in the Senate sought to do was increase PPP funding from $350 billion to $600 billion. But to do that, the Senate needed to vote by unanimous consent to consider the bill….

Democrats refused. Maryland Democrat Ben Cardin, and  rose to object when Mitch McConnell requested unanimous consent. Cardin’s argument was that there are additional things that need to be done, so we’re not going to expand funding for PPP unless we simultaneously address those other issues.

Nancy Pelosi sent a message of thanks to Senate Democrats for blocking the clean funding expansion, and claimed some of the credit:

While there have been reports of Small Business Association and bank processing problems, loan commitments have been made that come close, as of this afternoon, of exhausting the current funding. CNBC reports:

Much-needed small business aid is beginning to trickle out and more is expected in the weeks to come as banks start to disburse the rescue funds to Main Street. But the first-come, first-serve Payroll Protection Program of $349 billion in aid may be nearing a ceiling for loan commitments, with more than 1.3 million loans given approval at a value of more than $296 billion through Wednesday afternoon, according to the Small Business Administration.

The program could reach its funding limit by the end of Wendnesday, according to a source familiar with the matter.

As this funding approached its end, what did Pelosi do? She went on Late Late Late Night show to brag about her well-stocked freezer filled with ice cream, and she was so proud of the appearance she also shared it on Twitter:

Here’s the show segment:

And she’s promising to continue to block clean increased funding:

“Now 700,000 small-business applications are in limbo & no new loans will be made until the game of chicken in Congress ends & additional $ approved,” Senator Marco Rubio, Republican of Florida, said on Twitter. “Inexcusable.”

But Speaker Nancy Pelosi of California warned again on Wednesday that the Republican proposal would not pass the House, saying in a statement that it failed to address “critical issues.”

Tens of millions of people have been thrown out of work and are seeing their businesses and communities collapse. To say the Pelosi is tone deaf is an understatement. She’s taken workers and small businesses hostage to her demands for unrelated spending, and now she’s mocking them.

 

 
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