US Treasury Secretary Mnuchin says hopes House passes additional funds for small business loans
|US Treasury Secretary Steven Mnuchin says hopes House passes additional funds for small business loans on Friday. Mnuchin on Tuesday asked congressional leaders to swiftly commit another $250 billion to replenish a new $349 billion small business COVID-19 program that is being overwhelmed by surging demand.
The US Treasury Secretary 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.
Congress has already approved a $350 billion small business loan program as part of a more than $2 trillion stimulus bill aimed at helping the economy recover from the pandemic.
Meanwhile, President Trump announced that banks have processed $70 billion in taxpayer-backed loans for 250,000 small businesses since Friday while companies seek emergency help to deal with the enormous business disruption caused by the pandemic.
Market moves on Tuesday
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