That title would make a great blues tune…..but that is just wishful thinking on my part.
Yep we have yet another stim bill that will help the economy to try and live through this pandemic….
Congress and the White House reached a deal on a new $484 billion coronavirus relief package in late-night talks and it sailed through the Senate on Tuesday. The package includes around $310 billion for the Small Business Administration’s Paycheck Protection Program, which ran out of money last week after approving at least 1.7 million loans. It also includes $25 billion for coronavirus testing and $75 billion for hospitals, along with $60 billion for emergency disaster loans, the Hill reports. Leaders from both parties hammered out the deal with Treasury Secretary Steven Mnuchin and other administration officials. “The Senate is continuing to stand by the American people,” said Senate Minority Leader Mitch McConnell after the measure passed unanimously.
This is the fourth coronavirus relief bill, and the second-largest. Around $60 billion of the money for small businesses will be earmarked for “under-banked” neighborhoods and rural areas. President Trump said he would sign the measure. “I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing,” he tweeted, adding that after he signed the bill, discussions would begin on fiscal relief for state and local governments. Rep. Steny Hoyer, the House majority leader, said the House would vote on the measure Thursday, the AP reports. He said the House would also vote on a measure to allow proxy voting while the COVID-19 pandemic continues, a measure that some GOP lawmakers oppose.
The big selling point was that this plan would help rescue small business…..some will get a little assistance but there are some multi-million dollar corporations that will siphon off these funds as well……
Companies with thousands of employees, past penalties from government investigations and risks of financial failure even before the coronavirus walloped the economy were among those receiving millions of dollars from a relief fund that Congress created to help small businesses through the crisis, an Associated Press investigation found.
The Paycheck Protection Program was supposed to infuse small businesses, which typically have less access to quick cash and credit, with $349 billion in emergency loans that could help keep workers on the job and bills paid on time.
But at least 94 companies that disclosed receiving aid since the program opened April 3 were publicly traded, the AP found, some with market values well over $100 million. And about 25% of the companies had warned investors months ago — while the economy was humming along — that their ability to remain viable was in question.
By combing through thousands of regulatory filings submitted through Monday, the AP identified the 94 companies, or their subsidiaries, as recipients of a combined $365 million in low-interest, taxpayer-backed loans.
The term small business is used to make this bill more confusing….the funds are not so much for the Mom and Pop operations but rather those multi-million dollar corporations that have NO contingency plans for times of chaos.
My opinion is “tough nuggies” let them suffer…..they put the future in jeopardy to make stock trades to make them look better than they are. Let them die!
A true small business needs to be helped….corporate maggots do not.
I Read, I Write, You Know
“lego ergo scribo”