Here's How Many Americans Filed for Unemployment After Dems Let PPP Run Out of Money

[Right_in_Virginia]

Here's How Many Americans Filed for Unemployment After Dems Let PPP Run Out of Money
Townhall, Apr 23, 2020

The Labor Department announced on Thursday 4.4 million more Americans filed for unemployment benefits as the United States continues to reel from the effects of the Wuhan coronavirus pandemic.

In the last five weeks, 26.5 million Americans have filed for unemployment, as many have lost their jobs due to "Stay-at-Home" orders designed to prevent the spreading of COVID-19. Many businesses had to close down after being designated as "non-essential," resulting in layoffs and permanent business closures.

CNBC reports the 4.4. million does have a net decline of 810,000 claims from the previous week.

The Paycheck Protection Program, which was created by Congress so businesses can take out loans to keep their workers on the payroll, ran out of funds on April 16. Senate Republicans pushed for the PPP to be replenished before the funds ran out but were blocked by Democrats so other items could be included, such as funding for testing sites and hospitals.

The House is expected to vote on the stimulus bill this week.


More:  https://townhall.com/tipsheet/juliorosas/2020/04/23/heres-how-many-americans-filed-for-unemployment-after-dems-let-ppp-run-out-of-money-n2567482

[Right_in_Virginia]

All is going according to the plan.

[Longiron]

Here's How Many Americans Filed for Unemployment After Dems Let PPP Run Out of Money
Townhall, Apr 23, 2020

The Labor Department announced on Thursday 4.4 million more Americans filed for unemployment benefits as the United States continues to reel from the effects of the Wuhan coronavirus pandemic.

In the last five weeks, 26.5 million Americans have filed for unemployment, as many have lost their jobs due to "Stay-at-Home" orders designed to prevent the spreading of COVID-19. Many businesses had to close down after being designated as "non-essential," resulting in layoffs and permanent business closures.

CNBC reports the 4.4. million does have a net decline of 810,000 claims from the previous week.

The Paycheck Protection Program, which was created by Congress so businesses can take out loans to keep their workers on the payroll, ran out of funds on April 16. Senate Republicans pushed for the PPP to be replenished before the funds ran out but were blocked by Democrats so other items could be included, such as funding for testing sites and hospitals.

The House is expected to vote on the stimulus bill this week.


More:  https://townhall.com/tipsheet/juliorosas/2020/04/23/heres-how-many-americans-filed-for-unemployment-after-dems-let-ppp-run-out-of-money-n2567482

Disagree. The two weeks the DEMS held up the PPP had no effect at all. The problem is twofold: 1. The first round went to all the BIG LOANS instead of small business as it was for. BANKS processed the larger LOANS for their BIG Accounts and the small person was pushed to the bottom of the pile. J P Morgan Chase, Wells Fargo, Bank of America being sued over this tactic. They got caught but every BANK was doing the same thing. When word got out they were running out of FUNDS the BANKS started to process 3 times the amount of small loans to try and look like the percentages were equal. Little to late and hopefully the small business that need it gets it the second time around. 200 people law firms making over 200K / yr/ lawyers getting funding while Joe's Pizza has to lay off their 3 employees and close the doors. 2. TRUMP getting BS by the Midget and Scharf and keeping the country CLOSED is the real problem. Give out all the checks you want BUT where do you do go to spend it??? A big TRUMP fan here but live in Realville and TRUMP got had on this CV19 Scam and keeping the country closed is not the answer unless of course he does not want reelected in 2020.

[Applewood]

It's a government program, so naturally, it's a cluster-*BEEP*.  But instead of fixing what's wrong, congress' solution is to just throw more money at the problem. 

[Right_in_Virginia]

Disagree. The two weeks the DEMS held up the PPP had no effect at all. The problem is twofold:

1. The first round went to all the BIG LOANS instead of small business as it was for. BANKS processed the larger LOANS for their BIG Accounts and the small person was pushed to the bottom of the pile.

J P Morgan Chase, Wells Fargo, Bank of America being sued over this tactic. They got caught but every BANK was doing the same thing. When word got out they were running out of FUNDS the BANKS started to process 3 times the amount of small loans to try and look like the percentages were equal.

Little to late and hopefully the small business that need it gets it the second time around. 200 people law firms making over 200K / yr/ lawyers getting funding while Joe's Pizza has to lay off their 3 employees and close the doors.

2. TRUMP getting BS by the Midget and Scharf and keeping the country CLOSED is the real problem. Give out all the checks you want BUT where do you do go to spend it??? A big TRUMP fan here but live in Realville and TRUMP got had on this CV19 Scam and keeping the country closed is not the answer unless of course he does not want reelected in 2020.

Took the liberty of adding paragraphs to your post @Longiron (they are your friends) so I could read what you said.

Are you saying Pelosi's delay in passing this bill with money for small businesses had no affect?  Is this your thesis?

[Smokin Joe]

It's a government program, so naturally, it's a cluster-*BEEP*.  But instead of fixing what's wrong, congress' solution is to just throw more money at the problem.

Donors will give it back, including some Big Donors.

[Cyber Liberty]

Took the liberty of adding paragraphs to your post @Longiron (they are your friends) so I could read what you said.

Are you saying Pelosi's delay in passing this bill with money for small businesses had no affect?  Is this your thesis?

I'd like to hear about that, too. 

Only about a quarter of the SBA loans were improperly applied, which means 75% was done correctly.  It's unfair to say the Bigs sucked up all the money meant for the Smalls.  0% for the Bigs would be better, and I think the bill being voted on in the House right now has more regulation to prevent it from happening again.  Large companies that took the money in the first tranche are being shamed into returning it.

Another issue that's more difficult to address is the fact the banks are loaning to their "best customers" first, and a lot of small businesses don't have relationships established so there are extra hoops for them, provided the bank's not out of cash to loan.  Can we really fault banks for putting existing customers at the front of the line?