Trump Expects Congress To Approve $250Bln For Small Businesses This Week - Mnuchin

Trump Expects Congress to Approve $250Bln for Small Businesses This Week - Mnuchin

WASHINGTON (UrduPoint News / Sputnik - 08th April, 2020) The Trump administration expects Congress to approve an additional $250 billion to support small business amid the COVID-19 pandemic, Treasury Secretary Steven Mnuchin said in a statement.

"I had the opportunity this morning to speak to Mitch McConnell, Chuck Schumer, Nancy Pelosi, and Kevin McCarthy. I urged them at the President's request that they get us another $250 billion approved," Mnuchin said on Tuesday. "We look forward to the Senate passing that on Thursday, and the House passing that on Friday."

The rescue package aims to help continue paying wages to employees of US small businesses forced to close during the pandemic.

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.