Bitcoin and crypto prices have dropped back as inflation fears and U.S. president Donald Trump's tariff threats continue to weigh

Bitcoin and crypto prices have dropped back as inflation fears and U.S. president Donald Trump's tariff threats continue to weigh on the bitcoin price (as well as fresh fears over a new, mystery hack).

U.S. president Donald Trump could yet fire Federal Reserve chair Jerome Powell, a leading Democratic senator has warned as new data showed the U.S. trade deficit widened in February.

Nobody is safe, not even the chairman of the Federal Reserve, ” Massachusetts senator Elizabeth Warren told Bloomberg (NYSE:SPHB) on Wednesday. “If [Trump] can just mow through every civil servant, if he can just mow through the Consumer Financial Protection Bureau, it’s a form of lawlessness and all the power belongs to the king.”

Senator Warren’s remarks come as Trump, aided by Tesla (NASDAQ:TSLA) billionaire Elon Musk who’s leading the Doge department of government efficiency in a rampage through the federal government, has gutted agencies, departments and institutions in the mere two months he’s been back in the White House.

After slashing the size and scope of the Environmental Protection Agency and axing programs that help low-income families heat their homes and prepare for natural disasters, Trump has now set his sights on slashing the Paycheck Protection Program (PPP), which was launched in March 2020 to provide small businesses with payroll support during the Covid pandemic.

According to a recent report by the Small Business Administration (SBA), the PPP has provided over $95 billion in forgivable loans to more than 11 million small businesses, saving an estimated 51 million jobs.

However, Trump has become increasingly critical of the program in recent weeks, claiming that it is being abused by large businesses and that it is not reaching the small businesses that need it most.

“The Paycheck Protection Program is a total scam. It’s being used by big companies to line their own pockets, and small businesses are getting screwed,” Trump wrote in a recent post on his Truth Social platform.

The Paycheck Protection Program is a U.S. government initiative to provide small businesses with payroll support during the Covid pandemic.

The program, which is part of the CARES Act that was passed by Congress in March 2020, provides forgivable loans to small businesses in an effort to prevent mass layoffs and keep workers employed during the crisis.

The PPP was later extended and expanded by additional legislation, including the Paycheck Protection Program Flexibility Act of 2020 and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Institutions Act.

The PPP is administered by the Small Business Administration (SBA), which has approved more than 11 million loans for a total of over $95 billion.

According to a recent report by the SBA, the PPP has saved an estimated 51 million jobs and helped to prevent a significant rise in unemployment during the pandemic.

The report also found that the PPP has had a positive impact on the economy, boosting economic activity and preventing a deeper recession.

Despite the program’s success in providing critical financial support to small businesses during an unprecedented crisis, it has also been the subject of some criticism.

Some critics have argued that the program is too expensive and that it could lead to an increase in the national debt. Others have claimed that the program is not reaching the small businesses that need it most and that it is being abused by large businesses.

However, supporters of the PPP maintain that the program is a vital lifeline for small businesses that are struggling to survive during the pandemic. They also note that the program has been remarkably efficient, with the SBA processing loans quickly and effectively.

As the U.S. economy begins to recover from the pandemic, the future of the Paycheck Protection Program remains uncertain. It is possible that Congress could choose to extend the program again if the economic recovery stalls or if another crisis arises. Alternatively, Congress could decide to wind down the program as the economy recovers and small businesses no longer require the same level of financial support. Ultimately, the fate of the Paycheck Protection Program will depend on the political climate in Washington, D.C., and the economic conditions at the time.