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Trump says will ask Congress for more small business funds if money runs out

Published 04/04/2020, 11:24 AM
Updated 04/04/2020, 11:50 AM
© Reuters. U.S. President Trump leads daily coronavirus response briefing at the White House in Washington

WASHINGTON (Reuters) - U.S. President Donald Trump said on Saturday he would ask Congress for more money to make loans to small businesses struggling with the economic fallout from the coronavirus outbreak if the original $349 billion allocated in a fiscal stimulus bill runs out.

"I will immediately ask Congress for more money to support small businesses under the @ppploan if the allocated money runs out," Trump wrote in a post on Twitter.

The launch of the small business bailout fund has been rocky since it opened on Friday morning.

Tens of thousands of businesses have swamped lenders, community bankers have complained of an inability to access the Small Business Administration (SBA)'s system and the Treasury Department was still issuing updated guidance and form templates on Friday afternoon.

© Reuters. U.S. President Trump leads daily coronavirus response briefing at the White House in Washington

As of Friday evening, lenders originated more than 17,000 loans valued at about $5.4 billion under the program, Jovita Carranza, the administrator of the Small Business Administration, said in a tweet.

 

Latest comments

Fittest survive. All business should have planned reserves. Don't waste our tax money on bailouts.
It does no good to give a business money when there is no demand. Give the money directly to the employees. By giving money to a small business that has no demand allows the small business to manipulate the funds and the employee may not see a dime.
The problem is most small businesses won't be able to pay their rent or mortgages when there's no revenue. But they're not the ones choosing to stop working. In most cases the government forced them to. I agree that money is used more efficiently when given directly to the employees, but that's what unemployment insurance is for. The government is also trying to make sure that there is still a business there for employees to go back to when this is all over.
Tackle the main causal - Covid first and things will slowly recover... Lending and pumping more money won't solve the crisis.
This is a very important program to keep our small businesses afloat while dealing with this pandemic.  I am retired now but my company is struggling.  It is a sign manufacturing business and about 70% of costs are labor.   Due to the pandemic we are required to pay sick time for workers and potentially sick leave if they have to care for children (out of school) or any family members who become ill. Our hourly work force is paid for hours worked and have never been given sick pay.  They do accrue vacation time and would normally use it.  The vacation pay is budgeted but sick time is not. We are also facing job delays and cancellations.  (e.g. we manufacture all the interior signs for a hospital but cannot install them now because of the pandemic).  We don't get paid until the work is completed.  This causes severe cash flow issues and would put us in bankruptcy before the pandemic subsidesnif not for the assistance.
 Like I said, I am retired and don't run the business any more.  I ran it for 30 years and provided a nice living for 40-50 employees including health insurance. If you were one of my employees I would have closed up shop when I retired.
Thought MSM said it wouldn't be up and running
When the going gets tough, the tough gets socialist.
Sick and tired of all the blaming. That's a big sign of weak leadership. Getting as sick of the far right as I always have been of the far left.
he's almost as left as bernie now. I mean he already is doing more than Yang,
Yehhh fiscal responsibility....
Neocons only pretend to be fiscal conservatives when a Democrat is in the White House.
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