Mnuchin Confirms: Congress Will Approve Billions More in Small Business Loans

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Posted: Apr 07, 2020 3:15 PM
Mnuchin Confirms: Congress Will Approve Billions More in Small Business Loans

Source: (AP Photo/Evan Vucci)

Treasury Secretary Steve Mnuchin confirmed Tuesday afternoon the U.S. Congress will approve an additional $250 billion in funding for small businesses negatively affected by Wuhan coronavirus. 

Earlier today, Senate Majority Leader Mitch McConnell indicated the funding was coming. 

“Even as the CARES Act continues to come online, one such need is already clear: The small-business Paycheck Protection Program needs more funding. This bold legislation from Chairman Marco Rubio, Chairman Susan Collins, Senator Ben Cardin, and Senator Jeanne Shaheen is providing emergency liquidity to Main Street businesses nationwide to keep paychecks coming," McConnell released in a statement.  

"In just a few days, this program has become overwhelmingly popular. Thanks to the hard work of small businesses and lenders, billions of dollars have already landed and tens of billions more are already in the pipeline. Jobs are literally being saved as we speak. But it is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry. That cannot happen. Nearly 10 million Americans filed for unemployment in just the last two weeks. This is already a record-shattering tragedy and every day counts," he continued. "Congress needs to act with speed and total focus to provide more money for this uncontroversial bipartisan program. I will work with Secretary Mnuchin and Leader Schumer and hope to approve further funding for the Paycheck Protection Program by unanimous consent or voice vote during the next scheduled Senate session on Thursday."

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President Trump also called for additional funding earlier this week.