The Small Business Administration has sent out email after email informing all that the SBA Economic Injury Disater Loan Program is coming to an end, and any application for business assistance using it must be in by December 31st. The reason given is the idea that the Pandemic is over. You know? The term “post-pandemic” is used as it its fact, when in reality, it’s not. West Virginia Senator Joe Manchin seems to have bought in to that idea, even as reality shows us otherwise. The COVID-19 Omicron Variant is threatening to take us back to 2020, and fast. That’s why we have to stop the elimination of business aide programs in America.
Senator Joe Manchin is threatening to act as the shadow POTUS, imposing an old idea of economic behavior on a new reality, when we did not vote for him as a nation. COVID-19 spells more closures and reductions in common operation of “bricks and mortar” businesses – the stores and service operations that depend on walk-in foot-traffic for survival.
The Pandemic has exposed that economic structure as a weakness, and since our entire culture is based around that way of making money, America and the World have had a hard time adjusting to an environment created by something we did not see coming: the Pandemic created by COVID-19 and its variants (And while we’re at it, its about time America accepted its responsibility for allowing the National Institute of Health to finance EcoHealth Alliance research that caused the creation of COVID-19. That’s not a left view or a right view – that’s fact you can read here.)
Hey Joe Manchin, America Moves To Cut Business Aide As Europe Plans For More, Recognizing The Pandemic Is Still With Us
Senator Joe Manchin must see that even as America cuts back on business aide, our friends overseas have taken the red pill and acted to make sure firms get help, and not loans but grants. New York Times Economic Columnist and my Facebook Friend Andrew Ross Sorkin reports that…
Europe unveils new support to Covid-stricken businesses. Britain announced 1 billion pounds ($1.3 billion) in aid for the hospitality industry, with one-time grants of £6,000 and rebates for employees’ sick leave. France offered up to 12 million euros for travel agencies, events, caterers and indoor leisure companies. The governments in Spain and Italy are set to discuss potential aid this week.
Now Is Time For Congress To Forgive Payroll Protection Loan Program Loans
Congress could make a fast contribution by forgiving the Payroll Protection Loan Program monies that were given to millions of business owners under the idea that they would not have to pay them back if the assistance were used to pay employees. That was the simple idea and it was changed by the government after Americans got help, and in order to make sure large banks, Bank of America in particular, made money during the Pandemic. A Bond Villian would love that bait-and-switch-level of criminal harm done to the American public.
Here’s a good time to stop the steal and help millions of Americans just by really, truly, forgiving each PPP loan. If Congress has to pay Bank of America to make sure it doesn’t lose tones of money, so be it. The ugly fact is we’re going to have to spend money to keep America afloat. Last year in May I forecast that cost at $9.8 trillion, and this year I see nothing to make me change that.
It should not take the words of The United Mine Workers of America to make Senator Joe Manchin change his tune. Moreover, some of the folks in West Virginia who do post “atta-boy Joe” words on Facebook need to stop and think about what they’re asking for: a 2022 of worrying about have enough money to just maintain a roof over their heads and put food on the table. Time for Joe Manchin and Congress to follow Europe and the World and take action to help business and leave the left-right politics where it belongs: in the trash.
Stay tuned.