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Honored Social Butterfly

Trump signs $484B small business coronavirus relief bill into law

Trump signs $484B small business coronavirus relief bill into law

 

President Trump on Friday signed the nearly $500 billion “Phase 3.5” emergency interim coronavirus relief package into law after Congress passed legislation this week replenishing the fund for small businesses and adding millions of dollars in aid to hospitals across the country amid the COVID-19 pandemic.

 

In an Oval Office ceremony, the president touted the bill as being “great for small businesses” and “great for the workers,” adding that the bill will “extend relief to thousands of African-American and Hispanic American business owners."

 

The new interim emergency relief package, which provides $484 billion in additional funding, passed the House on Thursday and the Senate earlier this week.

 

HOUSE PASSES $484B CORONAVIRUS EMERGENCY RELIEF BILL 

 

The bill delivers a $310 billion infusion to the Paycheck Protection Program (PPP), which helps businesses with fewer than 500 employees obtain loans that can cover eight weeks of their payroll, benefits and other expenses. Thirty billion of that is reserved for community-based lenders, small banks and credit unions, and $30 billion is for mid-sized banks and credit unions.

 

The bill also provided an additional $50 billion for the Small Business Administration’s emergency disaster lending and $10 billion in SBA disaster grants.

 

The PPP was created as part of the more than $2.2 trillion “Phase 3” stimulus package, known as the CARES Act, which passed last month.  The program converts the small business loans to grants and would be fully forgiven if 75 percent of the loan is used to keep employees on the payroll.

The PPP ran out of funding earlier this month, spurring Congress to pass the “Phase 3.5” relief package to replenish the PPP funds and fund other programs.

 

Democrats had been pushing for additional help for state and local governments that are running dry on revenue during the pandemic, but Republicans refused. Democrats, instead, secured $75 billion for health care providers to support COVID-19 expenses and lost revenue due to the canceling of many elected procedures. And the package includes $25 billion to develop mass testing, with $11 billion earmarked for states and localities.

 

WHITE HOUSE SAYS PAYROLL TAX CUT FOR EMPLOYEES COULD COME IN PHASE 4 STIMULUS PACKAGE

 

Meanwhile, a Trump administration official told Fox News on Friday that the Small Business Administration could begin taking loan applications again next week through the Paycheck Protection Program for small businesses slammed by the coronavirus-related economic freeze. The SBA could begin taking these applications as early as Monday, Fox News has learned.

 

The interim emergency spending bill comes as the U.S. continues to grapple with the coronavirus crisis, and as state governors begin considering when to reopen their economies.

 

As of Friday, the U.S. reported more than 869,000 positive cases of COVID-19 across the country and more than 50,000 deaths.

 

During the signing ceremony at the White House, the president went on to applaud the task force work on the coronavirus response, saying the U.S. is making “thousands and thousands of ventilators,” creating an excess which will allow the U.S. to make donations to other countries.

Vice President Pence, who leads the coronavirus task force, said the U.S. has conducted more than 5 million tests, which the president touted as being more than any other country.

 

The president went on to note the importance of “borders” and work on the wall along the U.S.-Mexico border.

 

“A country has to have borders,” Trump said. “And you don’t have borders if you have people pouring in by the tens of thousands.”

 

 

 

VIMTSTL
Honored Social Butterfly

Trump World doesn't get it. I'm not opposed to the current stimulus checks. I was opposed to the $1 TRILLION tax gift to the ultra wealthy and large corporations. The country would be in a better financial position if that never happened.,

Honored Social Butterfly

The bill delivers a $310 billion infusion to the Paycheck Protection Program (PPP), which helps businesses with fewer than 500 employees obtain loans that can cover eight weeks of their payroll, benefits and other expenses. Thirty billion of that is reserved for community-based lenders, small banks and credit unions, and $30 billion is for mid-sized banks and credit unions.

 

The bill also provided an additional $50 billion for the Small Business Administration’s emergency disaster lending and $10 billion in SBA disaster grants.

 

 

++++++++++++++++++++++++++++++++++++++++

 

And then we have some on this board that would just say, "let em eat cake..."

 

I for one am very happy you are not in charge...  It's OK, the adults are working on this and in my view are doing a good job.  Small business is and always has been the backbone of the American economy.  Your TDS Filter seems to be stuck on high...

 

 

 

VIMTSTL
Honored Social Butterfly


@jimc91 wrote:

The bill delivers a $310 billion infusion to the Paycheck Protection Program (PPP), which helps businesses with fewer than 500 employees obtain loans that can cover eight weeks of their payroll, benefits and other expenses. Thirty billion of that is reserved for community-based lenders, small banks and credit unions, and $30 billion is for mid-sized banks and credit unions.

 

The bill also provided an additional $50 billion for the Small Business Administration’s emergency disaster lending and $10 billion in SBA disaster grants.

 

 

++++++++++++++++++++++++++++++++++++++++

 

And then we have some on this board that would just say, "let em eat cake..."

 

I for one am very happy you are not in charge...  It's OK, the adults are working on this and in my view are doing a good job.  Small business is and always has been the backbone of the American economy.  Your TDS Filter seems to be stuck on high...

 

 

 


Please explain how business like Ruth Chris Steak House and others large Corp got loans from the program. Please explain how this is a loan program rather than a giveaway program.

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Honored Social Butterfly


@john258 wrote:

@jimc91 wrote:

The bill delivers a $310 billion infusion to the Paycheck Protection Program (PPP), which helps businesses with fewer than 500 employees obtain loans that can cover eight weeks of their payroll, benefits and other expenses. Thirty billion of that is reserved for community-based lenders, small banks and credit unions, and $30 billion is for mid-sized banks and credit unions.

 

The bill also provided an additional $50 billion for the Small Business Administration’s emergency disaster lending and $10 billion in SBA disaster grants.

 

 

++++++++++++++++++++++++++++++++++++++++

 

And then we have some on this board that would just say, "let em eat cake..."

 

I for one am very happy you are not in charge...  It's OK, the adults are working on this and in my view are doing a good job.  Small business is and always has been the backbone of the American economy.  Your TDS Filter seems to be stuck on high...

 

 

 


Please explain how business like Ruth Chris Steak House and others large Corp got loans from the program. Please explain how this is a loan program rather than a giveaway program.


You mean this Ruth Chris Steak House?

 

Ruth Chris Steak House Returns $20 Million PPP Loan Amid Public Backlash As Treasury Issues New Guidance

Updated Apr 24, 2020, 08:41am EDT
 
TOPLINE

A firestorm of public backlash and new guidance from the federal government related to the embattled Paycheck Protection Program prompted Ruth’s Chris to return a $20 million loan, and more companies are likely to follow suit; under the Treasury’s new rule, public companies may also be barred from accessing the latest round of small business funding.

 

 

+++++++++++++++++++++++++++++++++++++++++++

 

@john258 , you are always good for a laugh...  It would appear your TDS meter is stuck on high.

 

You'll have to find something else to be outraged about.

 

 

 

 

 

 

VIMTSTL
Honored Social Butterfly


@jimc91 wrote:

@john258 wrote:

@jimc91 wrote:

The bill delivers a $310 billion infusion to the Paycheck Protection Program (PPP), which helps businesses with fewer than 500 employees obtain loans that can cover eight weeks of their payroll, benefits and other expenses. Thirty billion of that is reserved for community-based lenders, small banks and credit unions, and $30 billion is for mid-sized banks and credit unions.

 

The bill also provided an additional $50 billion for the Small Business Administration’s emergency disaster lending and $10 billion in SBA disaster grants.

 

 

++++++++++++++++++++++++++++++++++++++++

 

And then we have some on this board that would just say, "let em eat cake..."

 

I for one am very happy you are not in charge...  It's OK, the adults are working on this and in my view are doing a good job.  Small business is and always has been the backbone of the American economy.  Your TDS Filter seems to be stuck on high...

 

 

 


Please explain how business like Ruth Chris Steak House and others large Corp got loans from the program. Please explain how this is a loan program rather than a giveaway program.


You mean this Ruth Chris Steak House?

 

Ruth Chris Steak House Returns $20 Million PPP Loan Amid Public Backlash As Treasury Issues New Guidance

Updated Apr 24, 2020, 08:41am EDT
 
TOPLINE

A firestorm of public backlash and new guidance from the federal government related to the embattled Paycheck Protection Program prompted Ruth’s Chris to return a $20 million loan, and more companies are likely to follow suit; under the Treasury’s new rule, public companies may also be barred from accessing the latest round of small business funding.

 

 

+++++++++++++++++++++++++++++++++++++++++++

 

@john258 , you are always good for a laugh...  It would appear your TDS meter is stuck on high.

 

You'll have to find something else to be outraged about.

 

 

 

 

 

 


They and others got caught that is why they returned it. What all thinking people are outraged about is Trump and the far right enablers, and how they create or worsen a problem then try and blame everyone else except the real cause of the mess. Trump and the far right whose one and only goal is for Trump to become Dictator and take the USA down the path Hitler took Germany.

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Honored Social Butterfly


@jimc91 wrote:

+++++++++++++++++++++++++++++++++++++++++++

 

@john258 , you are always good for a laugh...  It would appear your TDS meter is stuck on high.

 

You'll have to find something else to be outraged about.

 

It's that ITYS syndrome kicking in.  Seems every prediction the progressives made about Trump has come true and every hope of the regressives has been dashed. 


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Honored Social Butterfly

Let me know if my math is correct reference the increase in the nation's debt under Trump. 

  • $1 Trillion from his tax welfare bill for the ultra wealthy and large corporations.
  • $2.2 Trillion for the Corona Virus initial stimulus package
  • $484 Billion for the Corona Virus 2nd stimulus package.

If my math is correct, the nation's debt increased almost $3.7 Trillion under Trump and the Republican Party. And it looks as if there's no end in sight.

Honored Social Butterfly


@CriticalThinking wrote:

Let me know if my math is correct reference the increase in the nation's debt under Trump. 

  • $1 Trillion from his tax welfare bill for the ultra wealthy and large corporations.
  • $2.2 Trillion for the Corona Virus initial stimulus package
  • $484 Billion for the Corona Virus 2nd stimulus package.

If my math is correct, the nation's debt increased almost $3.7 Trillion under Trump and the Republican Party. And it looks as if there's no end in sight.


Your math is correct so Trump got us $3.7 trillion dollar increase in debt under a Pandemic while your hero Obama managed to get us a $10 trillion increase in debt over 8 years with no Pandemic!  Let that sink in.

Honored Social Butterfly

NOTHAPPENING posted...

Your math is correct so Trump got us $3.7 trillion dollar increase in debt under a Pandemic while your hero Obama managed to get us a $10 trillion increase in debt over 8 years with no Pandemic! Let that sink in.

===================================================

Me think that we have posters that are so brainwashed by left media that they have lost their ability to reason, if they ever did have that ability.

You see this when they post lies like this "$1 Trillion from his tax welfare bill for the ultra wealthy and large corporations."

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