Speaker of the House Nancy Pelosi (D-CA), the architect behind Democrats’ decision to block $250 billion in additional funding to small businesses suffering because of coronavirus-related lockdowns, now says there’s “no data” to support an influx of emergency cash, even as banks are reaching their lending capacity due to unprecedented demand for aid.
Pelosi and Senate Minority Leader Chuck Schumer (D-NY) moved to block Senate Majority Leader Mitch McConnell (R-KY) from passing the emergency bill by unanimous consent on Thursday morning. McConnell had hoped that the need for assistance would be evident enough that he would not have to call Congress back from recess to vote on the measure, but Democrats disagreed.
McConnell was left incensed, noting that the $350 billion Paycheck Protection Program fund, which guarantees entrepreneurs with fewer than 500 employees low-interest loans that will be forgiven if they use the money to keep workers on the payroll, is “on track to be depleted by the end of this month.” – READ MORE
Listen to the insightful Thomas Paine Podcast Below --