April 8, 2020
Treasury Secretary Steven Mnuchin said Tuesday that he has asked for an additional $250 billion in funding for the Paycheck Protection Program (PPP). The program sets aside $349 billion in rescue loans for small businesses under the federal economic stimulus bill enacted amid the coronavirus pandemic.
Senate Majority Leader Mitch McConnell said he hoped to approve the additional funding in the Senate this Thursday. “It is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry,” said McConnell. “That cannot happen.”
Forbes reported that the program’s rollout, which began this past Friday, has been chaotic. Banks said guidance from the government was slow to arrive and confusing once it did, and small business owners worried about accessing the money before it runs out.
Subsequent to the PPP launch, the Federal Reserve said it would establish a facility to backstop the loans.
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