Economy
Small Business Admin Runs Out Of COVID Loan Money, Needs Congress To Act
The U.S. Small Business Administration is no longer able to accept new applications for the coronavirus emergency loan program after hitting its $349 billion limit Thursday, according to their website. The advance provides businesses with up to $10,000 that doesn’t need to be paid back and is provided for them to stay afloat in the coronavirus pandemic.
“BA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding,” the SBA notice stated.
The SBA reports that the number of applications received in the last 14 days is more than 14 years of loan applications. Their statement continued, “Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.”
The message below is brought to you by congressional Democrats. #PaycheckProtectionProgram https://t.co/eaKXRcQMYP pic.twitter.com/63lvR2nvoy
— Cong. Steven Palazzo (@CongPalazzo) April 16, 2020
On March 27, the CARES Act budgeted $376 billion to American businesses and workers. In a joint statement released Wednesday, Treasury Secretary Steve Mnuchin and SBA Administrator Jovita Carranza urged “Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.”
They added, “The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.”
U.S. lawmakers remain in a stalemate over appropriating additional funding. In an effort to bridge the partisan gap, Mnuchin is reportedly working with Democrats who voted against the GOP’s $250 billion bill in the Senate last week. The Senate, however, isn’t scheduled to be back in session until April 20, but may be forced to call an emergency session to provide needed funding.
In a letter sent to Republicans last week, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer asked for additional funding of hospitals, personal protective equipment (PPE), and the food stamps program to be included in the next bill.
Exactly a week ago today, @SenateMajLdr introduced a one-page bill to fund paychecks for small business employees. Democrats blocked it.
As of this morning, the program is out of money.
This is on you, Chuck Schumer and Nancy Pelosi.https://t.co/JK48SFSHXm
— Kevin McCarthy (@GOPLeader) April 16, 2020
House Minority Leader Kevin McCarthy, R-CA, said Thursday on Twitter that the failure to get additional funding “is on you, Chuck Schumer and Nancy.”
In the world of Democrat delusion, they think $5 billion is necessary, at this point in time, to make bike paths and widen side walks. You cannot make this up. They have approved $40 billion in aide to Ukraine in a heartbeat under President Biden, while having rejected former President Trump’s request for a mere $5 billion to secure our border.
The news also comes as fentanyl and the drug overdoses are the number one cause of death in the U.S. There’s also an increase in human smuggling and extortion to pay to cross the border. But no; let’s make some bike paths and widen sidewalks. That is an immediate emergency.
Transportation Secretary Pete Buttigieg announced Monday that money will be used over five years under his department’s new “Safe Streets & Roads for All” program. The $5 billion ini federals funds will be used “to slow down cars chia more speed cameras, carve out bike paths and wider sidewalks and urging commuters to public transit” reports Daily Mail.
“The aim will be to provide a direct infusion of federal cash to communities that pledge to promote safety for the multiple users of a roadway, particularly pedestrians and bicyclists.” The announcement also coincides with the six-month anniversary of President Biden’s infrastructure legislation, and the beginning of the 2022 “infrastructure week.”
The desire to fix roads is a noble one, as “road traffic injuries also are the leading cause of death among young people aged 5-29. Young adults aged 15-4 account for more than half of all road deaths” reports Daily Mail, which adds:
Still, much of the federal roadmap relies on cooperation from cities and states, and it could take months if not years to fully implement with discernible results – too late to soothe 2022 midterm voters unsettled by this and other pandemic-related ills, such as rising crime.
The latest U.S. guidance Monday invites cities and localities to sketch out safety plans in their applications for the federal grants, which are to be awarded late this year.
It cites examples of good projects as those that promise to transform a high-crash roadway, such as by adding rumble strips to slow cars or installing speed cameras, which the department says could provide more equitable enforcement than police traffic stops; flashing beacons for pedestrian crosswalks; new ‘safe routes’ via sidewalks or other protected pathways to school or public transit in underserved communities; and other ‘quick build’ roadway changes designed with community input.
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