Big League Economics
Jeff Sessions Calls for Publicly Traded Companies to Return Every Cent of Stimulus Money
The bailout was supposed to be for small businesses.
Alabama Senate candidate and former Attorney General Jeff Sessions is calling for publicly traded companies to return every dollar they received through the $2 trillion CARES Act Stimulus to the treasury, so that the funds can be properly dispersed to small businesses in need of economic relief.
Sessions called for the return of bailout money in a press release Thursday.
“The whole purpose of the CARES Act is to prevent this historic shutdown from ending thousands of small businesses,” Sessions said. “Mom-and-pop stores have been shuttered by ‘stay at home’ orders, and big corporations are taking large sums meant for the little guy. Every one of them should return these loans immediately, and the Small Business Administration should ensure those funds go to struggling small businesses first. The plain fact is that, for many, the prompt receipt of these funds will determine whether they will still be operating in the months to come.”
Sessions went on to call for stimulus funding to be expressly reserved for small businesses with less than 100 employees.
More than 200 publicly traded large companies have accessed funding through the Paycheck Protection Program, a fund set up to disperse stimulus funds to small businesses devastated by the coronavirus recession.
Treasury Secretary Steve Mnuchin has clarified that publicly traded companies with access to capital aren’t supposed to have access to the program, and has asked them to return the funds they’ve received. Some have, such as the Los Angeles Lakers. Other businesses such as Harvard University have been compelled to decline millions in stimulus funding after being publicly shamed for helping themselves despite having a $40 billion endowment.
“It’s time for those large companies to return those funds, and the Small Business Administration needs to get serious about ensuring that those loans go directly to small businesses first, as intended.“
Big League Economics
SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check
Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.
Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.
The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.
The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.
Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”
Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.
Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in a stimulus package, and will block stimulus legislation to do so.
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