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Mnuchin pushes for additional $350 billion

Secretary of Treasury Steven Mnuchin (Credit: White House)

Heavy requests for the previously approved $350 billion in loans are pushing Republican and Democratic lawmakers to consider augmenting the paycheck protection program less than two weeks after it became law. Treasury Secretary Steven Mnuchin said he had spoken with congressional leaders about providing an additional $250 billion in funding for loans, according to the WSJ.

  • Worth Noting: With lawmakers out of town, Senate Majority Leader Mitch McConnell will need to pass the measure through unanimous consent or a voice vote. The bid to rapidly put into place more small-business relief could run into difficulty if lawmakers insist on the bill including other relief measures in the bill, rather than in a subsequent one, or otherwise objecting. Any individual lawmaker could stop an effort to pass the bill. 
  • Saving tenants: Lenders have been inundated with applications for the funds since the program launched on Friday. The loans, capped at a maximum of $10 million for businesses with 500 or fewer employees, are intended to cover roughly two months of essential costs, and the government will forgive debt if businesses don’t lay off workers.

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