Discover and read the best of Twitter Threads about #PPPFail

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There are 30.7M small businesses in the U.S. which account for 99.9% of all U.S. businesses (SBA, 2019)

SBA defines a #SmallBusiness as a firm having fewer than 500 employees.
This means that many highly valued startups in the U.S fit within this definition of small businesses. Image
The definition of a #SmallBusiness varies across the world.

For comparison, in the European Union any business that has fewer than 50 employees is considered a small business.

In Australia, companies with fewer than 15 employees are considered small businesses.
#SmallBusiness stats show that most businesses in America have fewer than 500 employees.

Those businesses with fewer than 100 employees account for 98.2% and those w/fewer than 20 employees account for 89%of all businesses in the country.

➡️98.2% have FEWER THAN 100 EMPLOYEES Image
Read 13 tweets
Republicans wrote the bill that exhausted $350b in funds while leaving 95% of small businesses without financial assistance.

But now it's apparently the Dems fault that this failed program has collapsed because they refuse to write another blank check without stipulations...

1/
...or oversight.

So while Trump and his sycophants ratchet up the spin and blame in order to rally public pressure for another upward distribution of your tax dollars, maybe take a second to consider why the Republicans refuse to negotiate, allow oversight....

2/
...or re-word the program to benefit the people for whom it was intended.

You.

Democratic leaders were elected too. Congress has rules for a reason. The idea that Republicans can dictate and Democrats must capitulate is not how democracies or republics work.

3/
Read 4 tweets
FYI... the PPP loan program for small businesses was funded with $350bn.

The U.S. has 30.2 million small businesses.

Thats an average of $10,769 per small business. It should have been plenty to help close a two month gap.

1/
A loophole in the CARES act allowed national corporations with less than 500 employees *per location* to qualify each individual location as a "small business."

Ruth's Chris steakhouse qualified.

2/
Last year they made $42 million in profits.

Last year they spent $41 million in stock buybacks.

Last week, they received $20 million in PPP loans - earmarked for small businesses.

3/
Read 7 tweets

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