This is my stimulus update for Friday, July 10th.
Pelosi Critical of $1 Trillion Figure
I told you a couple of days ago that Mark Short, Vice President Mike Pence’s chief of staff said that $1 trillion is the target price tag the White House has for the next coronavirus relief bill.
That’s consistent with what Mitch McConnell has reportedly been talking about for the past couple months, consistent with what we originally heard the White House was on board for with respect to the next coronavirus relief bill.
The wrench in this whole thing is Peter Navarro’s statement about a month ago, but his statement seems to be not in alignment with the overall Republican agenda here as far as the next stimulus bill is concerned.
I’ve already talked about what Peter Navarro said a lot here in the channel. You can check out the link right above my head if you want to see Peter Navarro talking about a $2 trillion figure for the next stimulus bill.
But it looks like that $1 trillion is what the Republicans are going to shoot for in the next stimulus bill.
Democrats may negotiate them upwards, and Nancy Pelosi said as much in a press conference yesterday. She basically laughed at the $1 trillion figure. Take a look at this.
Nancy Pelosi: Every day, you see them opening up more. We get overtures about can this be in the bill, can that be in the bill, because they know there has to be a bill. What doesn’t measure up is, oh, it can only be a trillion dollars. No, we need a trillion dollars for state and local. We need a trillion dollars, another trillion dollars for unemployment insurance and direct payments. Something like that, but probably not as much for the testing, tracing, treatment, et cetera. So trillion dollars is okay. That’s an interesting starting point.
So Pelosi is saying no. $1 trillion? That isn’t going to cut it. We need a trillion dollars for state and local.
We need a trillion dollars to cover the unemployment and the additional stimulus checks.
We need even more money for testing and tracing. She’s basically hearkening back to the Heroes Act that her House passed in May.
She said the $1 trillion that has been thrown around by Republicans is a “interesting starting point,” and she kind of scoffed at the figure there as you saw at the end of the clip.
White House Aid Hopeful
That said, a senior White House aide anonymously told the Huffington Post yesterday, the House bill, the Heroes Act set an unrealistic expectation for the next stimulus package.
Any thought that the proposal Democrats put forth, the Heroes Act, was serious, could be quickly dismissed by talking to thoughtful Democrats.
I made a video about the Democrats who voted against the Heroes Act and why they did, link above my head if you missed that video, let alone Republicans.
One trillion properly allocated will take care of the outstanding needs.
This anonymous senior aide did say that they believe that Congress and the White House should reach an agreement on the next stimulus bill before the August recess.
I would hope that they do so before the end of the month. We’ve got some positive signals from Mnuchin and others that seem to indicate that a bipartisan bill will be pushed through before the August recess, if not by the end of the month.
But we’ll have to see what happens when everyone’s back in town on July 20th.
What Other Democrats Have to Say
Other congressional Democrats were critical of the Republican $1 trillion price tag.
Representative Jared Huffman, who’s a Democrat, said that the idea of Democrats settling for stimulus light by saying only sending another round of stimulus checks to those who make $40,000 or below or significantly slashing the supercharged unemployment benefits would be crazy.
He said, “We’ll never go for that,” referring to the Democrats.
PPP Applications
Now let’s talk about the Paycheck Protection Program to finish us off.
This past weekend, Saturday, President Trump signed into law the bill that would extend the Paycheck Protection Program deadline from June 30 to August 8 to apply for a PPP loan.
Now, when I told you that, I also told you that look, a lot of these websites for these fintechs, they’re not opened up yet.
They haven’t updated to reflect this change in the law, this change in the deadline to August 8.
Well, I was doing a little poking around this week, and it looks like that many fintechs have reopened their websites to applications.
The fintech I use to apply for and obtain my PPP loan, Kabbage, has reopened their websites to new PPP applications, so check that out if you haven’t applied for PPP yet.
Kayleigh McEnany’s Parents and Their PPP Loan
Speaking of PPP, there have been some headlines today.
This is just partisan journalism. Here’s a headline from this publication, The Independent.
“Trump Press Secretary Kayleigh McEnany’s Parents Received $1-$2 million in PPP Loans for Their Company Despite Having More Than a Hundred Employees.”
This headline makes it sound like they did something wrong. The press secretary’s parents are private citizens.
I think they own a roofing company or something like that. They have every right to apply for and obtain a PPP loan as any other small business.
This headline is a little misleading because I think it makes it sound like they did something wrong simply because their daughter is a member of Trump’s staff.
They do quote Kaleigh McEnany when she previously said the vast majority of PPP loan recipients, the 1.6 million loans that went out, were companies with 10 or fewer employees.
That is what this program is designed to do. That is who is it is helping.
But that doesn’t mean that it’s only for businesses that have 10 or fewer employees.
So I think this headline is just nonsense. I think it’s just partisan journalism because there’s nothing wrong with a company with more than a hundred employees getting a PPP loan.
Nothing wrong with that.
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