Joe Biden senior campaign adviser Symone Sanders is blaming President Donald Trump after the Paycheck Protection Program created by the CARES Act ran out of money.
During a virtual town hall with Broadway theater workers, Sanders appeared outraged at the lack of “management” of the Paycheck Protection Program.
“I think I read something the other day the federal government has run out of money — when the money that was allocated to the small business program. Like, did anybody else hear that?” she asked the participants.
“So this is truly about management,” she declared, “right, because Congress went and did their job. Congress’ job was to pass the bill to allocate the funds and it is the administration’s job to administer those funds.”
“Joe Biden has done this before, okay?” she said.
Sanders said Biden oversaw the Recovery Act and he “checked in with the folks whose job it was to watch the money. He was very, very involved in the process. That’s what the administration should be doing right now.”
Sanders claimed the Trump administration has “failed” at administering the funds and said it was “unconscionable” that they had run out.
“What is going on here? This cannot be true!” she said, adding that it’s the President’s job to ensure the CARES Act is being implemented “safely.”
The U.S. Small Business Administration’s Paycheck Protection Program ran out of funds on Thursday, Brewbound reported.
The average loan size is $206,000 — or $20,600 per week in payroll, according to the SBA. About three quarters of the loans given out were under $150,000; these loans accounted for $58.3 billion.
Loans were capped at $10 million per company, and the largest group broken out — $5 million and up — accounted for 0.27% of loans and 9% of funds.
The construction industry received the most money, $44.9 billion total over 177,905 loans, which accounts for a little more than 13% of the total allocation. The retail trade received the most loans, 186,429 loans, for a total of $29.4 billion.
All of the funds were awarded in less than two weeks through 1.6 million loans via 4,900 lenders, according to CBS News.
So far, Democrats have refused to allocate additional funds to the program.