Democrats block funding for the paycheck protection program

In News Thud, JC McCallum reports,

The small business paycheck protection program that Republicans have been trying to fund with additional money and Democrats continue to block has officially run out of cash:

CBS NEWS – A key piece of the federal government’s stimulus efforts to help small businesses and their employees has run out of money, shutting out thousands of potential borrowers who were seeking aid amidst the coronavirus-driven economic plunge.

The U.S. Small Business Administration said Thursday morning the Paycheck Protection Program wouldn’t be accepting any more applications for the $349 billion program. The agency reported approving more than 1.6 million Paycheck Protection Program loan applications totaling more than $339 billion from over 4,900 lending institutions.

While that money has been approved, most borrowers are still waiting for those loans to be funded — and for money to even show up in their accounts.

Not one word this article by CBS News is about Democrats blocking the funding. Not one word!

PBS Newshour reporter Yamiche Alcindor also broke the news on Twitter, calling it ‘HUGE’ and yet never mentioned that Democrats blocked the additional funding:

Paycheck Protection Program (PPP), which authorizes loans to small businesses to pay employees during the COVID-19 crisis, has run out of money and is now frozen.

Small Business Administration says it is "currently unable to accept new applications" or enroll new lenders.

USA Today reported on it and this is how they gave Democrats cover:

As the program’s popularity became apparent earlier this month, the administration and Treasury Secretary Steven Mnuchin asked Congress for an additional $250 billion in emergency funds to bolster the program and prevent it from running dry. Though both parties are supportive of passing additional money for the program, Democrats and Republicans have so far been unable to find a compromise.

There is no compromise to be had. McConnell made clear they are just increasing the funding to this one program, literally just changing the amount from the stimulus bill they already passed and nothing else. And yet Democrats wouldn’t even do that. Nancy Pelosi was just congratulating Democrats for blocking the funding! But hey, USA Today says Democrats want to fund it so it must be true..

I could go on with more examples but you get the idea. Remember last week when CNN reported the truth, that the Democrats blocked the bill and then changed the headline within less than an hour? It appears the entire media has fallen in line now…