This is getting old. Tens of thousands of small businesses are heading for bankruptcy without short-term liquidity from the feds. The Trump Administration offers to provide it—and Democrats on Capitol Hill refuse to support it without more money for their constituencies.

The latest example concerns the $350 billion Paycheck Protection Program (PPP) that was part of the $2.2 trillion Cares Act. The program offers forgivable loans to maintain payroll and cover overhead during the economic shutdown. Despite some technical hiccups,...