For seven long days, Democrats have been blocking a $250 billion refill for the Paycheck Protection Program, and on Thursday morning the loan fund finally ran out of money. “Every Senate Republican was ready to act today,” Majority Leader Mitch McConnell said on the Senate floor Thursday. “But Democrats would not let us reopen the program.”

On Thursday the Labor Department said another 5.2 million Americans applied for unemployment benefits last week. That brings the total in four weeks to a mind-bending 22 million. The Paycheck...