/Huge Relief for Small Businesses Coming

Huge Relief for Small Businesses Coming

Treasury Secretary Steven Mnuchin says he has secured an additional $250 billion in small business aid through talks with congressional leaders.

The announcement comes after Congress approved a $350 billion small business loan program as part of the $2.2 trillion coronavirus relief package. (CNBC)

Mnuchin said he spoke with Senate Majority Leader Mitch McConnell, Senate Minority Leader Schumer, House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy, to secure the funding.

McConnell said earlier Tuesday he hopes to approve further funding Thursday to buoy small businesses devastated by the coronavirus pandemic.

“I will work with Secretary Mnuchin and Leader Schumer and hope to approve further funding for the Paycheck Protection Program by unanimous consent or voice vote during the next scheduled Senate session on Thursday,” he said in a statement. 

The small business measures aim to help companies cover payroll and other expenses during the punishing outbreak. Firms with fewer than 500 employees can use the money to cover salary, wages and benefits, with a maximum loan of $10 million or 250% of monthly payroll.