Congress and White House Reach Deal to Replenish Small Business Relief Fund
Deal tops $480 billion
Tuesday, lawmakers reached a deal to replenish the empty Paycheck Protection Program, which has already run out of cash. The program originally received $350 billion to be dished out to small businesses who were struggling in the economic shutdown created in response to COVID-19.
House and Senate Democrats have held up the replenishment of the fund in order to fund their pet projects. Again.
First, here’s a breakdown of what the deal entails:
NEWS, as I just reported on @CNBC:
Breakdown of deal reached to expand small biz funding —
– $250B for PPP
– $60B for banks with <$50B in assets
– $60B SBA disaster relief
– $2.1B for admin of SBA programs
– $75B for hospitals
– $25B for testing, incl. $11B for states— Kayla Tausche (@kaylatausche) April 21, 2020
Further explained here:
JUST IN: Deal to expand virus aid includes $250B+ for the PPP program, $60B more for small lenders, $60B in disaster relief loans, $75B+ for hospitals, and $25B for testing – sources (via @KaylaTausche) https://t.co/yFFst2rZCs pic.twitter.com/ghk8UnpdXm
— CNBC Now (@CNBCnow) April 21, 2020
On the politics of the deal, Sen. Rubio explains:
By far,the single biggest reason why #smallbusiness can’t get #PPP is its being held hostage
PPP wasn’t designed to be a Hunger Games battle for limited $
EVERYONE agreed that once it got going we would need more funds
Then Democrat leadership turned the funding into leverage pic.twitter.com/CywQLViRDV
— Marco Rubio (@marcorubio) April 21, 2020
More from The Hill:
The package does not include the tens of billions of dollars that Democratic leaders demanded in new money for a state stabilization fund included in last month’s $2.2 trillion CARES Act.
Schumer vowed to include more money for states in the next coronavirus relief package passed by Congress, which may rival the CARES Act in size.
“Democrats are disappointed that the administration has not agreed to more funding for state, tribal and local governments on the front lines of this crisis who desperately need an infusion of funds to pay the essential workers who keep us safe,” Schumer and Pelosi said in a joint statement.
“However, we are pleased that the president has committed to addressing this critical priority in CARES 2 and will work with urgency to see that this commitment is fulfilled,” they said.
President Trump is urging Congress to quickly re-up the PP:
https://twitter.com/realDonaldTrump/status/1252640538647506947?s=20
https://twitter.com/realDonaldTrump/status/1252640539574448128?s=20
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Comments
So, what poison pills were slipped into this one?
Also, don’t bail out the profligate and bloated state and local governments. Speaking for myself and my coworkers, the work we do is useless, even when there isn’t an artificial panic being propagated. Don’t bail out these spendthrift wastrels.
Hear Hear!!!!!!!
Education and policing should all be outsourced with no special protection from lawsuits.
I propose a change to the GOP avatar of the big strong elephant to a picture of a big hollow empty cold soulless CAVE! They cave on everything and never get anything for their caving. What a spineless bunch of jellyfish! Is there nothing that they will stand up for? Does this nasty woman have 8 x 10 glossies of all of them with young dead boys? WTF is wrong with the Senate?
What are you smoking? No funding for Democrat pork, as Democrats had wanted.
BS!
anything Rancid Pelousy agrees to is laden with pork.
She hasn’t agreed to it yet and pork isnt included…yet.
Pace yourselves gentlemen otherwise you will burn yourself out like a liberal over the 8 year course of Trumps Presidency!
We have no idea how many unfunded “anchor babies” were included in the bill. When they get funded later, it will be yet another budget-busting decompression bomb. And no one will be able to claim that they voted against it since this will also be passed on unanimous voice vote and maybe again without a quorum.
That’s the problem with not reading the bills. Even after it passes you may not be able to know what’s in it until it is too late.
“Under this agreement, Democrats have secured $220 billion above and beyond what Republicans proposed, including new funding for small businesses through community financial institutions, new funding for our health care system, and a substantial down-payment on a national testing regime, which experts say is necessary for reopening our economy,” Schumer wrote.
YES SHE DOES.
places like Harvard and the Kennedy Center?
those kinds of small businesses?
Like Nancy is a peasant………
What i have an issue with is any support for the States for the draconian shutdown of nearly everything.
Even with NY being such a hotbed for this virus, most of that is because of NYC area with the moron deBlasio who did nothing in the beginning and likely caused the illness to spread worse. Why should the taxpayers of the Federal Government have to pay to bail out their poor policies which created a good deal of the mess the state is in, even before this Chinese Virus hit them in the mouth?
I am disgusted with so much of what we are seeing from this, mainly because the measures being taken are more bogus than effective. Think about the facemask issue, if you touch anything you are likely picking up germs, if you use your sleeves to push open doors or grasp handles, or push elevator buttons those germs are on your clothing, which you wear into your abode, which means you brought in those germs to your house. And when you take off your coat, the germs are on your hands, which then take off your mask.
The mask might help mitigate closer contact situations where someone might cough or sneeze, but when you remove the mask, the germs are at best on the outside, which you touch. Most masks don’t stop small particles, so at best they disperse them a little.
It’s claimed this shut down flattened the curve, but we have zero chance of knowing if it’s true. Meanwhile freedoms are being squashed, and when we get back to “normal” it won’t be back to normal. The left are looking to re-image what the “new normal” is going to look like. A massive hint that it will mean a loss of freedom.
Studies have shown that a country such as Sweden that did nothing had the same curve as the states with their fascist Governors who shut down everything even prohibiting looking at flowers.
Wouldnt a better headline be” Ledftg pulls its head out to get with the program.”?
https://www.realclearpolitics.com/articles/2020/04/21/if_half_the_countrys_deaths_were_in_montana_would_new_york_shut_down_142995.html
If Half the Country’s Deaths Were in Montana, Would New York Shut Down?
That means that more than half (52%) of all deaths in America have occurred in the New York metropolitan area.
What makes this statistic particularly noteworthy is that the entire death toll for 41 of the other 47 states is 7,661. In other words, while New York has 52% of all COVID-19 deaths in America, 41 states put together have only 21% of the COVID-19 deaths. And all the 47 states other than New York, New Jersey and Connecticut have less than half (48%).
link 4 more
While the NYC metro area would naturally have a higher number of infectious disease cases, due to climate, environment and the concentration of people in the area, there is also the potential that the number of COVID related cases and deaths is being inflated for monetary gain. Medicare currently pays $3000 for pneumonia or flu hospitalization. It pays $13,000 for any COVID hospitalization and $30,000 for the use of a ventilator for COVID. So, is it any wonder that we are getting partially corroborated reports that the NYC coroner and doctors are classifying nearly every non-trauma death in the area as COVID related?
Well, controlling the House, The Screaming D’s can propose their priorities as their own bills. They don’t need to “negotiate” with the administration on any of it.
Write the bills, send them to the Senate. If they pass the Senate, send them on and dare The Iron Crust to veto. Then, since these are such good ideas, override the veto. Wrote the bills — win, ran roughshot over Senate opposition — win, made The President look heartless — win, and made him look weak — win.
Really, so much winning, I don’t see any reason they don’t go for it.
/End Sarc
These bailouts are the biggest load of BS ever.
The local and state governments shutdown the economy and destroyed their tax base. Now the people who they put out of work and onto the street are supposed to reimburse them for destroying their businesses,, their savings, their children’s educations and possibly their lives? Really? That is like paying a guy to beat you up without your consent. In most places that is called robbery. But, for some reason politicians think that the populace owns them for the privilege of allowing the politicians to destroy them.
Then they expect the populace to pay hospitals, many in areas where there was little or no COVID activity, which stopped all elective surgeries for liability purposes. Rather than take a chance that a person who came in for a hip replacement might later come down with COVID and blame the hospital and sue it. So, the question then becomes, why should the public pay the hospital for shutting off services to the public who needed those services?
Next, we have the ridiculous PPP loans. What is the benefit to a small business to have money to pay its former employees to stay home? It goes not generate any revenue for the business, as it is simply state welfare to the employees. the small amount of money, which the business can use for things other than payroll, has to be paid back.
Now we get to the biggest boondoggle of all, testing. While testing for the presence of the COVID virus has some value for diagnostic purposes, it really is useless for anything else. The swab tests only show that a person has been exposed to the virus. It dies not show that the person contracted the virus. The serology testing only shows that the person tested has recently contracted the virus. It does not tell us when or if the person is still infectious. We have no idea of the length or level of immunity provided by the presence of antibodies. And, these tests have both a high level of false test results AND we still have not clearly identified he exact antibodies associated with the COVID viruses.
What this is is a huge expenditure of money, which the government does not have, to bail out the governments which caused the problem to begin with. Does this make any sense to anyone? If the CEO of a company took similar actions which resulted in the company going broke, he would be gone in a heartbeat.
Rut Roh
Uh oh! The cat is out of the bag!
https://m.youtube.com/watch?v=tXgCG50YoWs
The Biggest Scam in America
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Apr 9
The media are positioning Dr. Fauci to be the tip of their spear when President
@realDonaldTrump
decides to open the economy.
Fauci will kick up a political stink; might even quit; and will be compensated with a book deal (money laundering) for his efforts.
A virus is not magic, epidemiology is not voodoo, and the credentialed experts are not a priesthood. Yet the reporters, anchors, and commentators on cable TV news — most of whom have no more claim to expertise in such matters than you or me — exhibit a cult-like faith in the ability of the Pandemic Priesthood to predict the future. Previous failures by these experts to predict the course of the COVID-19 outbreak are ignored, as the television preachers of “science” encourage their viewers to regard the priesthood with religious reverence. Most amazing of all is how the media has conferred expert status on certain politicians, as if New York Gov. Andrew Cuomo or Michigan Gov. Gretchen Whitmer were qualified to deliver scientific lectures on preventing the spread of contagious disease.
All of this, of course, has little or nothing to do with actual science, and very much to do with political bias. Considering it their sacred duty to prevent President Trump’s reelection, the liberal media have created a narrative…
https://spectator.org/the-superstition-of-science/