Name: Stimulus program for small businesses runs out of money as Congress remains at odds over more funds
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Stimulus program for small businesses runs out of money as Congress remains at odds over more funds

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USA TODAY WASHINGTON – A stimulus program set up to and their employees from going on unemployment officially ran dry Thursday morning, less than two weeks after launching.&nbsp;The fate of the&nbsp;Paycheck Protection Program, which was launched April 3 with $349 billion for loans to small businesses,&nbsp;is unclear as&nbsp;congressional leaders and the Trump administration remain at an impasse on&nbsp;to inject billions more into the program.&nbsp;The Treasury Department said that by law, it will not be able to issue loan approvals for small businesses because of the lapse in funding, pausing the program that&nbsp;approved more than 1.6&nbsp;million applications for employers. The Small Business Administration said Thursday it halted accepting applications for loans and enrolling lenders.&nbsp;As the program's popularity became apparent 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 support adding money to the program, Democrats and Republicans have been unable to find a compromise on how the funds should be allocated."Democrats are blocking additional funding for the popular Paycheck Protection Program," President Donald Trump after the program halted. "They are killing American small businesses. Stop playing politics Dems! Support Refilling PPP NOW – it is out of funds!"Late Wednesday,&nbsp;Mnuchin and SBA Administrator Jovita Carranza issued a statement noting the historic demand for loans and pleading for Congress to pass more funding.&nbsp;More:More:"The SBA has processed more than 14 years’ worth of loans in less than 14 days. The is saving millions of jobs and helping America’s small businesses make it through this challenging time," they said. "We urge Congress to appropriate additional funds for the Paycheck Protection Program – a critical and overwhelmingly bipartisan program."Democrats demanded that in approving more money for the&nbsp;program, Congress should also pass more funds for hospitals and state and local governments.&nbsp;They want to bolster food stamp benefits and mandate some of the funds go to businesses owned by women and minorities.&nbsp;Republicans have pushed for the money to be approved without any additions or mandates, arguing it's the only program at risk of evaporating.&nbsp;On a call with senators Thursday, the president indicated that he was open to including funds for additional provisions, according to Sen. Roy Blunt, R-Mo.— a signal that negotiations could move.&nbsp;"I would hope as [Trump] said on that call the Democrats and Republicans can work together to find a solution here.&nbsp;And that may involve something in addition to just advancing the paycheck protection plan," Blunt said.&nbsp;And some Republicans have expressed an openness to adding some language to the PPP program that would ensure smaller businesses would have easier access to the loan money."Many of the larger small businesses, due to the fact that they had the ability to hire people to file the applications and are more sophisticated, left a lot of Main Street entrepreneurs, you know, just waiting and never getting through,"&nbsp;Sen. Mike Braun, R-Ind., said in an interview.&nbsp;More:Last week, Senate Republicans&nbsp;attempted to pass a measure that would&nbsp;provide the additional $250 billion for the program, but and&nbsp;offered a competing bill, which Republicans rejected.As the funds ran dry, congressional Republicans argued liberals were playing political games and holding hostage billions desperately needed for businesses and workers.&nbsp;"The Paycheck Protection Program just ran dry because (Nancy) Pelosi and (Chuck) Schumer are holding funds hostage to their unrelated far-left agenda," House Minority Whip Steve Scalise, R-La., wrote on Twitter. "Dems are putting people's livelihoods on the line to play partisan games. Despicable."The top Republicans in the House and Senate&nbsp;– Minority Leader Kevin McCarthy&nbsp;and&nbsp;Majority Leader Mitch McConnell –&nbsp;also blamed liberals.&nbsp;"Funding a bipartisan program should not be a partisan issue,"&nbsp;they said in a joint statement hours before the program officially ran dry. "The cost of continued Democratic obstruction will be pink slips and shuttered businesses."Senate Minority Leader Chuck Schumer, D-N.Y., has been negotiating&nbsp;with Mnuchin in hopes of coming to a deal. &nbsp;He and House Speaker Nancy Pelosi sent staff&nbsp;to speak with Mnuchin and others at the Treasury Department on Wednesday. No deal was made, but the group agreed to continue talks Thursday.&nbsp;Pelosi &nbsp;argued that Democrats were fighting for these funds to reach those most in need."It's not that we don't share the value of small businesses.&nbsp;We do. We have been their champions," Pelosi said on a conference call with reporters Thursday, calling businesses the "lifeblood of America's economy."She said that if funds for hospitals and local governments were not approved, Republicans might not do so later down the road when they are needed.&nbsp;She insisted on data and evidence that the program was working, not just for larger businesses that have established relationships with banks&nbsp;but for smaller businesses in rural areas or owned by minorities.&nbsp;"Hopefully, they will come back with something that strikes a balance," she said.Before the funds make their way to businesses, a bill will have to pass the House and Senate&nbsp;and get Trump's signature.That could pose another hurdle for Congress as both chambers&nbsp;signaled they would probably attempt to pass the funds through unanimous consent, a procedure that would allow just one lawmaker to halt the measure from passing.&nbsp;

USA TODAY WASHINGTON – A stimulus program set up to and their employees from going on unemployment officially ran dry Thursday morning, less than two weeks after launching.&nbsp;The fate of the&nbsp;Paycheck Protection Program, which was launched April 3 with $349 billion for loans to small businesses,&nbsp;is unclear as&nbsp;congressional leaders and the Trump administration remain at an impasse on&nbsp;to inject billions more into the program.&nbsp;The Treasury Department said that by law, it will not be able to issue loan approvals for small businesses because of the lapse in funding,...

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Christal Hayes covers Congress for USA TODAY. She's helped cover everything from President Trump's rallies and the Russia investigation to mass shootings and hurricanes. She was part of a team of reporters who were named finalists for the Pulitzer Prize in 2017 for coverage of the Pulse nightclub shooting in Orlando, Fla. Christal hails from Florida and is loving the winter snow.

https://www.usatoday.com/staff/2648125001/christal-hayes/

Christal Hayes

The Detroit Free Press is the largest daily newspaper in Detroit, Michigan, US. The Sunday edition is titled the Sunday Free Press. It is sometimes referred to as the Freep (reflected in the paper's web address, www.freep.com). It primarily serves Wayne, Oakland, Macomb, Livingston, Washtenaw, and Monroe counties.  The Free Press is also the largest city newspaper owned by Gannett, which also publishes USA Today. The Free Press has received ten Pulitzer Prizes and four Emmy Awards. Its motto is "On Guard for 189 Years".

Stimulus program for small businesses runs out of money as Congress remains at odds over more funds

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