The government is spending $671 Billion on the Paycheck Protection Act *alone.* That’s 80% of cost of the entire 2009 Recovery Act. So far $342 Billion has been spent and it went to the most well-connected 5% of America’s small businesses.
If the House passes the Senate bill, the combined $671 Billion cost of the PPP would at best help 10-15% of small businesses (and apparently some of it is also being spent on some big corporations that don’t need it). That’s not going to be anywhere near an effective approach.
Just so we’re keeping track the government is projected to spend:
$55B for Covid testing,masks,supplies
$175B for hospitals
$575B in cash payments, food stamps and unemployment
$671B to ~10% of small businesses +
$500B to big corporations +
$90B tax break to millionaires
$55B for Covid testing,masks,supplies
$175B for hospitals
$575B in cash payments, food stamps and unemployment
$671B to ~10% of small businesses +
$500B to big corporations +
$90B tax break to millionaires
