Economy

Small Business Admin Runs Out Of COVID Loan Money, Needs Congress To Act

Published

2 years ago

April 16, 2020

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.”

Click to comment

Economy

Carter Exclusive: Warning to Biden on America’s Survival from National Black Farmers Association President

Published

11 hours ago

July 6, 2022

Sara Carter Staff

Sara Carter’s exclusive report with the National Black Farmer’s Association President reveals one critical message for President Biden: “If you want this country to survive, take care of the American farmer.”

Fox News contributor Sara Carter spoke to the President of the National Black Farmer’s Association, John Boyd Jr., from Boydton, Virginia to discuss the inflation crisis. Inflation is hurting farmers and consumers around the country and “the American people” are going to pay the price. “Because this is a crisis” said Boyd.

“The three things that the American farmer can still do better than anywhere else in the world is produce corn, wheat and soybeans. And when you don’t support them, you are taking away the base and the freedom to farm in this country.”

Carter pointedly asked “who is not supporting them?”

“Well right now it’s the Biden administration” he responded.

“If you could speak to President Biden directly, what would you say to him?” Carter followed up.

“I would say ‘you gotta take care of the American farmer in this country. That’s rural America. You can’t turn your back on rural America. If you want this country to survive, take care of the American farmer.”

Pointing to the ground, Boyd gave a heartfelt plea: “this is called land. Land knows no color, land knows no party. Land produces food. And when you take away that ability for the American farmer to produce food, it’s about as low as you can go.”