Wells Fargo Bows Out of Small Business Bailout Program After Receiving $10 Billion of Loan Applications

One of the largest banks in the United States announced that it is no longer accepting applications for a federal program aimed at rescuing small businesses affected by the coronavirus pandemic.

Wells Fargo has stopped accepting new applications for the government’s Paycheck Protection Program, an initiative created by the government to assist U.S. businesses that employ fewer than 500 people. The bank’s decision came after it was inundated with billions of dollars in loan requests since Friday.

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Commentary: $350 Billion of Forgivable Loans for 8 Weeks Won’t Be Enough to Save 30 Million Small Businesses

One of the key aspects of President Donald Trump and Congress’ $2.2 trillion coronavirus relief package are provisions for $350 billion for 30 million small businesses to cover payrolls for 60 million Americans for eight weeks to encourage people to stay home to wait out the Chinese coronavirus pandemic.

Along with the expanded unemployment and credit facilities covering critical industries and larger employers, the policy is designed to ensure that in saving as many lives as possible — the White House coronavirus task force has said as many as 2.2 million Americans could die without social distancing — we don’t find ourselves in a long, deep recession or depression as a result that might take a decade to recover from.

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Commentary: The Coronavirus Crisis Is President Trump’s Opportunity for Lasting Victories for His America First Agenda

When Rahm Emanuel told audiences that former President Barack Obama should “never let a serious crisis go to waste,” he was applauded. Emanuel was referring to the Obama Administration’s response to the Great Recession. Clearly, President Obama agreed. Obama ushered in the greatest reorganization of the American socio-economic order under the auspices of resolving the financial crisis (which, of course, Obama never actually did resolve).

Similarly, the outbreak of the novel coronavirus from Wuhan, China offers President Trump a momentous opportunity to enact his own sweeping agenda – all of which would be far more beneficial to the American people than Obama’s statism. Trump needs to press his advantage with as much vigor and alacrity as Obama pressed his during the financial crisis.

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Tennessee Could Be Eligible for $2.65 Billion from Federal Coronavirus Relief Package

Tennessee could be eligible for up to $2.65 billion in federal aid to spend on state efforts designed to combat COVID-19 as part of the U.S. Senate-passed $2 trillion relief package, the Tax Foundation estimated.

“The government has temporarily shut down the economy because of this disease, and the government must help those who are hurt by it,” Tennessee U.S. Sen. Lamar Alexander said in a news release.

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CARES Act Extends Michigan’s Unemployment Benefits to Self-Employed, Independent Contractors, and More

The state and the U.S. Department of Labor agreed to expand unemployment benefits to Michigan workers who previously didn’t qualify.

Gov. Gretchen Whitmer announced the agreement Monday. The benefits extension will be funded by the $2 trillion federal CARES Act President Donald Trump signed into law on Friday.

The extension includes self-employed, 1099-independent contractors, gig, and low-wage workers who can no longer work because of temporary business closures to slow the spread of COVID-19.

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Commentary: Senate Paves Road to Reopening the Economy with Coronavirus Relief Bill, But When Will States Reopen Schools?

By a vote of 96-0, the U.S. Senate has passed a $2.2 trillion legislative package, by far the largest in U.S. history, to keep tens of millions of Americans on payroll and expand unemployment benefits to those who are laid off while the country waits out the deadly Chinese coronavirus that poses additional risk to seniors and those with underlying conditions.

That way, when the virus passes, those businesses, particularly the 30 million small businesses that are struggling most of all right now, but also critical industries, will be able to rapidly reopen and we can get back to our lives.

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Commentary: Pelosi And Schumer’s Plan to Kill the Republican Party and Conservative Movement

Conservatives on Capitol Hill and in the media have been spreading the word about all the extraneous provisions Democrats have been trying to insert into the third coronavirus stimulus bill that is now before the Senate. And we should all be concerned about the massive spending and pork that Democrats want to add to the bill – but that’s not the worst part of what Democrats are demanding.

What conservatives must recognize as a life or death struggle for the future of constitutional liberty and the Republican Party are the election law changes that Democrats are demanding as their price for allowing the coronavirus relief bill to pass.

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