The Small Business Administration's rescue loan program has already been depleted, only two weeks after it was rolled out. Republicans have warned that the Small Business Administration's Paycheck Protection Program will run out of money if it is not replenished.
On Thursday, the PPP's $349 billion loan program had officially been exhausted, and applications were no longer being accepted. Republicans, including Texas Sen. Ted Cruz and President Donald Trump, castigated Democrats for not funding the small business loan program.
Treasury Secretary Steven Mnuchin has been in discussions with Senate Minority Leader Charles Schumer (D-N.Y.) this week on providing more economic relief for small businesses. Senate Majority Leader Mitch McConnell (R-Ky.) attempted to pass $250 billion in small business funding last week, but it was blocked by Democrats.
The Democrats want to tack on an additional $150 billion for state and local governments, $100 billion for hospitals, and more money for food assistance programs.
House Speaker Nancy Pelosi (D-Calif.) said there would be negotiations on funding PPP on Thursday. Pelosi said she "hopes Mnuchin comes back with good offer," according to Bloomberg News reporter Erik Wasson.
Sen. Cruz saw Pelosi's response and was enraged by her comment.
"'A good offer'?!? How about you fund the damn program Nancy and stop playing games with people's livelihood," Cruz wrote on Twitter.
â��A good offerâ��?!? How about you fund the damn program Nancy and stop playing games with peopleâ��s livelihood. https://t.co/iLgzPtLLrr— Ted Cruz (@Ted Cruz) 1587060444.0
Ted Cruz wasn't the only Republican incensed by the lapse in funding for American small businesses. President Donald Trump also attacked Democrats for allowing the PPP to be drained.
"Democrats are blocking additional funding for the popular Paycheck Protection Program," President Trump tweeted. "They are killing American small businesses. Stop playing politics Dems! Support Refilling PPP NOW – it is out of funds!"
Democrats are blocking additional funding for the popular Paycheck Protection Program. They are killing American smâ�¦ https://t.co/Uw4lJKgvyD— Donald J. Trump (@Donald J. Trump) 1587057102.0
The Paycheck Protection Program has run dry, but Democrats refuse to approve new funds until they get money for unrâ�¦ https://t.co/ZiLKqd0Nct— The White House (@The White House) 1587050993.0
Rep. Dan Crenshaw (R-Texas) slammed Pelosi for allowing the funds to go empty with a tweet referring to her expensive freezers and ice cream that went viral this week.
Nancy Pelosi remembered to restock her $24K refrigerators with $13 ice cream but forgot to restock the Paycheck Proâ�¦ https://t.co/NptFpx7CAA— Dan Crenshaw (@Dan Crenshaw) 1587050536.0
House GOP Whip Steve Scalise (La.) said the PPP "ran dry because Pelosi and Schumer are holding funds hostage to their unrelated far-left agenda."
ð��¨ The Paycheck Protection Program just ran dry because Pelosi and Schumer are holding funds hostage to their unrelaâ�¦ https://t.co/a3FIHOsC6e— Steve Scalise (@Steve Scalise) 1587048793.0
Senate Small Business Committee Chairman Marco Rubio (R-Fla.) called the lapse of funding for the Paycheck Protection Program "disgusting" on Twitter.
In just 12 days #PPP has helped over 1 MILLION #SmallBusiness save 15 MILLION American jobs. But now itâ��s being helâ�¦ https://t.co/E0LO4cwuqF— Marco Rubio (@Marco Rubio) 1587040838.0
Even Democratic Sen. Kyrsten Sinema (Ariz.) joined Republicans in the outrage over the absence of small business loans.
"The PPP program is going to run out of funding soon — the Senate should approve add'l funding by unanimous consent ASAP," Sinema tweeted. "Small businesses need our help to survive during this emergency."
The PPP program is going to run out of funding soon - the Senate should approve addâ��l funding by unanimous consentâ�¦ https://t.co/qyvN3kMtt9— Kyrsten Sinema (@Kyrsten Sinema) 1587045350.0