Treasury Secretary Steven Mnuchin said Tuesday that, at the direction of President Donald Trump, he has spoken with congressional leaders to secure an additional $250 billion for the small business loan program as the coronavirus outbreak hammers the economy.
Mnuchin said he spoke with Senate Majority Leader Mitch McConnell, Senate Minority Leader Schumer, House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy, to secure the funding.
McConnell said earlier Tuesday he hopes to approve further funding Thursday to buoy small businesses devastated by the coronavirus pandemic.
“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,” he said in a statement.
Congress late last month approved a $350 billion small business loan program as part of a more than $2 trillion stimulus bill aimed at helping the economy recover from the coronavirus pandemic. The program is aimed at helping small businesses that provide the engine of employment and entrepreneurship in the U.S. economy.