Tuesday, April 7, 2020 |
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(Worthy News) – As Congress races to craft the next coronavirus rescue package, President Donald Trump’s sudden request Tuesday to pump $250 billion more into a just-launched payroll program for small businesses may hit roadblocks.
Treasury Secretary Steven Mnuchin said more money is needed for the popular new $350 billion Paycheck Protection Program, which took off with a start last Friday but was quickly overrun as companies jumped at the chance to tap up to $10 million in forgivable loans to keep paychecks flowing amid the stay-home shutdown. He requested the funds in private calls to House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell. Democrats largely support it as a component of a broader new aid package, but McConnell wants to swiftly jam it through Congress this week, even though the House and Senate all but shuttered.
“The ways it’s going, we’re going to need that, because the people are loving it,” Trump said in a conference call with banking executives open to the press. [ Source: PBS (Read More…) ]
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