Jim Cramer says Congress 'missed the boat' on helping small businesses: 'They blew it'

CNBC's Jim Cramer said Tuesday that Congress "missed the boat" on providing small businesses with further financial assistance. Too many businesses, especially in the hospitality industry, have already closed for another stimulus plan to make a big difference, he says. Subscribe to CNBC PRO for access to investor and analyst insights: https://cnb.cx/2Vtntx6

CNBC’s Jim Cramer on Tuesday took aim at the federal government’s failure to pass another coronavirus stimulus relief bill to aid ailing small businesses.

“They blew it. They can talk all they want, they blew it,” said Cramer, an owner of two restaurants and an inn — both in industries decimated by the pandemic. “They hated each other and they blew it.”

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are set to again talk Tuesday, one day after Democrats released a $2.2 trillion proposal. Many Republicans have expressed concerns about adding to the trillions the U.S. has already spent to fight the outbreak and ensuing economic damage.

“They had a chance,” said Cramer. “Neither party agreed to anything and it’s too late. There’s nobody to give PPP to in restaurants.” PPP is short for the federal Paycheck Protection Program, which provided forgivable loans to small- and medium-sized businesses to keep paying their employees during coronavirus lock downs.

Washington has been in a stalemate for weeks over a new relief bill, with the Democratic-controlled House initially passing a $3.4 trillion bill in May and the Trump administration mostly recently offering to inject only $1.3 trillion more into efforts to boost the economy during the outbreak.

“There comes a time when you have to admit that only the strong survive,” said Cramer, who also vented his frustrations in a tweet Tuesday morning. Congress and the Trump administration “failed us,” he wrote.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

For info on the best credit cards go to CNBC Select:
https://www.cnbc.com/select/best-credit-cards/

#CNBC
#CNBCTV

Видео Jim Cramer says Congress 'missed the boat' on helping small businesses: 'They blew it' канала CNBC Television