Mnuchin Asks for Additional $250 Billion for Small-Business Coronavirus Program
Treasury Secretary Steven Mnuchin on Tuesday requested an additional $250 billion commitment from Congress to add to the current $349 billion Paycheck Protection Program (PPP).
Republican congressional leaders plan to introduce a bill to provide the extra funds as early as Thursday, according to The Washington Post. While Democrats aren’t against the idea, they also want to push through additional emergency efforts, such as hazard pay for workers.
The PPP allows small businesses with 500 or fewer employees affected by the pandemic to apply for up to $10 million from Small Business Association-approved lenders. Banks have already processed more than $70 billion in these taxpayer-backed loans for 250,000 small businesses since Friday, according to President Trump speaking at a press conference on Tuesday.