“I think that’s probably reasonable,” Rep. Patrick McHenry, who represents banking-heavy North Carolina and is the ranking Republican member on the House Financial Services Committee, said of Warren’s proposal.
“Raising the cap is a start — but it won’t be enough,” Warren tweeted. “Every small business that qualifies should get the help they need, period. We should provide an absolute guarantee.” The PPP can lend up to $10 million to businesses with 500 employees or fewer, with funds backstopped by the U.S. government, and the business does not have to repay the loan if it uses at least 75 percent of the money to retain employees. A bipartisan group of senators, led by Marco Rubio, R-Fla., and Ben Cardin, D-Md., crafted the legislation.
McHenry acknowledged that the delivery of loans through the PPP has been “uneven” but said the program was requiring “a massive amount of loans that is beyond SBA’s traditional capacity, so SBA has done well, considering.” The SBA made $25 billion worth of loans in all of 2019, he said. And in the first four days of the PPP, it pushed out twice that amount, $50 billion.
“It’s the speed by which we had this intervention that has made it very, very challenging to deliver. But I think it is mostly delivering. And it deserves at this point a B-plus,” he said.
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Senate Democrats block GOP bid for $250 billion in small-business funds amid impasse over coronavirus aidSenate Democrats block a Republican proposal for $250B in small-business relief funds on Thursday after demanding the inclusion of additional resources for hospitals and state and local governments.
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Small-Business Bailout Needs More Than BanksSmall businesses badly need Congress’s $350 billion loan program. But there are some hurdles to getting the cash to the businesses. Spencerjakab explains how the Fed can help. WSJWhatsNow Spencerjakab Our bank isn’t offering the small business loans for covering rent during this time and is directing us to the SBA. It’s been over 8 days and we haven’t heard anything. Other banks require you to have your business acct with them prior to COVID. Spencerjakab One of them...is to keep POTUS hands out the money...to pay other Crooks like Jared, Ivanka, his Lawyers, GOP, Loans...the list goes on, he's making Profits for himself, not for us... remember when MagaSupporters try to get Healthcare Loans Testing Food SSA Spencerjakab Some . It’s like the housing crisis . When republicans delayed every payment of help . That’s what their doing here . No one said it had to be anytime soon . So don’t hold your breath . It will be years & years . Then it ei be to late . Then they get that money .
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Bankers plead with Trump: Fix small business rescue planFrustrated bankers today directly appealed to Trump to fix problems with a Small Business Administration system that is holding them back from issuing $350 billion in government-backed loans designed to avert mass layoffs during the coronavirus pandemic The screwover of small businesses by Congress was clearly intentional.
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