The Treasury Department on Tuesday asked Congress for $250 billion in additional funding for small business loans, a key part of the stimulus package passed last month aimed at keeping the economy afloat during the coronavirus crisis.
The $250 billion proposed addition to the program would be more than 70% of the initial investment of $350 billion, a large portion of the $2 trillion the government put into the latest stimulus effort. Mnuchin announced that he'd spoken to the president and leaders of both parties to secure the request earlier on Tuesday, just four days after the program began with multiple problems.
Pelosi, however, didn't see the same need to rush forward in a CNN interview earlier Tuesday afternoon. Before allocating hundreds of billions more to the loan program, she wanted to be sure the payments were being dolled out equitably, Pelosi said. Republican Sen. Marco Rubio of Florida, chairman of the Senate Small Business Committee, also expected the request to come on Tuesday and said his office was working with Senate leadership to move the funds through as “quickly as possible,” according to an aide.
But the program hasn’t worked as planned, plagued by unprepared banks who said they had just hours to get a $350 billion system up and running. Small business owners also reported quick rejections from banks if they didn’t already have an existing loan out. What to know about coronavirus:Despite the complications, the president on Monday continued to defend the program's success, calling the issues"minor glitches," describing Bank of America as a"leader" and lashing out at a reporter who asked about the program's"confusing start."
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