He just made a big mistake.
According to Breitbart News, Sen. Ben Cardin attacked President Donald Trump stating that the Trump administration’s request to add money to the Paycheck Protection Program “will not help those still waiting to apply for urgently needed economic disaster loans and grants.”
Cardin said, “Democrats want to ensure that help gets to the small businesses most in need during this crisis. It’s why, as the top Democrat on the Senate Small Business Committee, I was proud to join a bipartisan Senate task force that reached an agreement on several new economic relief programs and secured $377 billion in funding for small businesses in the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.”
He added, “One of those programs, the Paycheck Protection Program, also known as PPP, received $349 billion in funding to provide zero-fee forgivable loans to small businesses that keep their employees on the payroll for eight weeks.”
Cardin further stated, “In the first days of the program, small business owners have been approved for more than $100 billion in loans, or about one-third of the funds Congress authorized so far. But I fear that when we see who eventually receives these vital loans, it may follow a very familiar pattern.”
He continued, “Many banks are serving existing clients first, with some even prioritizing only those clients who have already taken out debt with that financial institution. That goes against the intent of the Paycheck Protection Program. Congress created PPP to partner with lenders around the country to quickly deploy capital to ALL small businesses, not just small businesses that have relationships with lenders.”
He said, “While the demand for Paycheck Protection loans is high, and there is bipartisan agreement that Congress will have to provide additional funding in the future, there are other vital SBA relief programs that have ALREADY exhausted their funding, including the Economic Injury Disaster Loan program and the EIDL grant program.”
Cardin later added, “Adding money only to the Paycheck Protection Program, as the Trump administration requested, will not help those still waiting to apply for urgently needed economic disaster loans and grants. Senate Democrats are working to add funds to those programs now, as well as the Paycheck Protection Program.” You can read the full article here.
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