WASHINGTON – Treasury Secretary Steven Mnuchin said Sunday a deal with Democrats to replenish an emergency small business loan program is"very close" and that it's possible Congress could approve additional funding for the program this week.
The program was included in a $2 trillion rescue package approved by Congress that President Donald Trump signed into law at the end of March. When it ran out of money, Democrats and Republicans blamed the other side. "We're incredibly pleased with the participation rate, and because of that, we want Congress to approve more funds right away," Mnuchin said. He added that an additional $300 billion"should be sufficient to reach almost everybody" after dismissing some estimates that at least another $1 trillion would be needed.
Schumer also said the bill sets aside money"to make sure it goes to the rural areas, to the minority areas," and to businesses that did not have existing relationships with the banks distributing the loans.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
The bailout was a joke. They needed to start at the bottom and work up. As usual, the rich got richer.
Certainly hope so, as long as that NAZI leaves it alone‼️
It better not have any pork in it!
no more money without oversight
Help the businesses now.
It's not right when our lives and very futures are dictated by the wealthy that have never walked in our shoes we the people need to change that,you don't need a college education to be in congress or president,the brainiacs have no clue what we go thru in real life just sayin
Billions why not trillions have you decided the small businesses can't handle it.Dont set them up for failure,success is a lot better.Unlike mnuchin I think small business has well over 50% of the workers in THIS country
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mnuchin, Pelosi say 'very close' to a deal on second round of small business loansThe $349 billion rescue loan program ran out of money on Thursday, just two weeks after it was launched to help small businesses struggling with the financial hit of the coronavirus pandemic. He need inflate market for You Friends , whonis your friend? Jo Morgan Let do this! Help!
Source: CNBC - 🏆 12. / 72 Read more »
Mnuchin says 'we are very close to a deal today' on small business packageTreasury Secretary Steven Mnuchin said he's hopeful that an agreement with Democratic congressional leaders could be reached Sunday on a small business package stalled in Congress. More money to banks so they can refuse loans and then cry poor.. Smh don't forget about the 1.6 trillion given with no hesitation to the financial institutions as soon as wall street started melting down Why a deal? It was a clean bill until SpeakerPelosi spiked it. CoverJoeBiden
Source: cnnbrk - 🏆 393. / 55 Read more »
Small-business loan program ran out of money within minutes, some banks saySmall-business loan program ran out of money within minutes, some banks say. For a 'rich' country, the US is doing rather poorly. 🤔 CoronavirusUSA Hedge fund manager vacuum cleaner squad. Was it a coincidence you showed a Chinese Restaurant NBC?
Source: NBCNews - 🏆 10. / 86 Read more »
JPMorgan says it has $26 billion in small business relief applications that need fundingMany thousands of businesses are in limbo as Congress needs to approve more money for the small business relief program. Why CNBC as a platform for business journalism should look into this program. In this very trying time this program is not functioning as it was meant to. Those needing funds are not getting it but entities that really do not need the money are applying and receiving funds. I hope the money flows can be tracked
Source: CNBC - 🏆 12. / 72 Read more »
Coronavirus rescue loans for small business went to community lenders as big banks fumbledSmall businesses may have gotten coronavirus relief from the Paycheck Protection Program based on which bank they picked, not how early they applied. Whats your magical powers Too big to function too, I suppose.
Source: latimes - 🏆 11. / 82 Read more »