Will large businesses voluntarily give back PPP loans?
FOX Business’ Charlie Gasparino says Treasury Secretary Steven Mnuchin reportedly asked JPMorgan Chase CEO Jamie Dimon on ways to fix the Paycheck Protection Program so loans can be distributed to needy small businesses.
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President Trump and Republicans successfully secured an additional $320 billion for the Paycheck Protection Program, which has been a lifeline for millions of American small businesses and their employees.
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While it is welcome news, it is a shame that Democrats delayed these desperately needed funds for the better part of two weeks, leaving many of our country’s 30 million small businesses to hang out to dry and suffer the consequences.
At a time of national crisis like we’re in, the significant cost to American jobs and businesses this delay has caused can’t be understated.
Almost every day here in Michigan, I hear firsthand from small business owners in our state about how worried they are that their businesses aren’t going to be able to survive as a result of the economic disruption caused by the coronavirus.
Thanks to the fortitude of President Trump, the Paycheck Protection Program has been a lifeline for millions of small businesses across America who are experiencing this same anxiety.
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Since it was first implemented on April 3rd, the Paycheck Protection Program has been an incredible success story, processing 14 years of loans in 14 days and allowing small business owners to make payroll, save jobs, and survive during this challenging time.
Treasury Secretary Steven Mnuchin has credited the program with saving 30 million American jobs so far.
In fact, the program is so popular that less than a week after it was implemented, President Trump and Senate Leader Mitch McConnell moved to secure a second tranche of payments so that even more businesses could access these funds, keep their doors open, and their workers employed.
However, Democrats blocked this initial request and until they acquiesced today, repeatedly refused Republican attempts to replenish the program with the additional funding it needs.
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They did so not out of concerns the program isn’t working properly – it is – but because Nancy Pelosi and her fellow progressive saw the struggles small businesses and their workers were going through as “leverage” to try to advance a litany of far-left proposals.
Small businesses from coast to coast have benefited from the PPP, and the fact remains that despite today’s agreement, because of Nancy Pelosi’s obstructionism and partisan posturing, countless other small businesses could have already benefited too.
From a photography business in Charlotte to a 25-person automotive accessories shop in Baton Rouge, there are small businesses across America who have applied for loans under the PPP and day after day have been counting on Congress to refill its depleted coffers.
This includes in Nancy Pelosi’s own backyard, where Bay Area businesses are doing what they can to keep paying their employees, but are still struggling to stay afloat.
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In the middle of a global pandemic, the hardworking men and women of America’s small businesses deserved better than to be treated as political pawns in Nancy Pelosi’s vain attempt to advance a far-left agenda.
Democrats’ decision to needlessly delay additional funding for the PPP was inexcusable and likely cost millions of Americans their jobs and countless small businesses to close, possibly never to reopen.
President Trump understands that small businesses are the backbone of our economy and the source of our nation’s unparalleled innovative, entrepreneurial spirit.
Every single small business is someone’s pride and joy and their dream realized, and President Trump is right to fight for them at this time of national crisis just as he has since day one.
Now as our country continues to combat the coronavirus, it’s time for Democrats to stop putting politics over people and join the president and Republicans in putting America first.
Ronna McDaniel is Chairwoman of the Republican National Committee. Follow her on Twitter @GOPChairwoman.
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