WASHINGTON (Pakistan Point News / Sputnik - 08th April, 2020) The Trump administration is seeking an additional $250 billion from Congress in the next COVID-19 rescue package to continue paying wages to employees of US small businesses forced to close during the pandemic, Treasury Secretary Steven Mnuchin said on Tuesday.
"At the direction of President @realDonaldTrump, I've spoken with @SenateMajLdr, @SenSchumer, @SpeakerPelosi, and @GOPLeader to secure an additional $250 billion for the #PPPLoan program to make sure small businesses get the money they need!" Mnuchin said in a tweet.
The money would presumably be included in the fourth pandemic rescue package now under consideration by Congress. The third package, the $2 trillion CARES Act, included of $377 billion relief for small businesses, most of which was earmarked for the Payroll Protection Program (PPP) which provides government backed loans that are converted to grants if used by business owners to pay wages to furloughed workers.
Banks and other financial institutions have already begun distributing the money to small business applicants, according to administration officials.
Earlier on Tuesday, Democrats in the US Senate wrote to Mnuchin asking that a portion of the PPP funds be designated for non-traditional lenders such as community development organizations that serve minority business owners in low-income neighborhoods, where surveys show a lack of trust in commercial banks.
