Small Business Loan Program Needs More Funding

Senate Majority Leader Mitch McConnell says he will approve more this week.

He said he would aim to approve more funding for the program that Congress created last month to help firms hit by the coronavirus pandemic.

In a statement, Senator McConnell said the $350 billion loan program would soon need more funds because of the huge demand for federal assistance. The Treasury Department is expected to request at least $200 billion more for the program, and Senator McConnell will need the consent of the Senate. He has met with Treasury Secretary Steven Mnuchin and Senate Minority Leader Schumer to get the approval this week.

“Congress needs to act with speed and total focus to provide more money for this uncontroversial bipartisan program,” McConnell said. “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.”

Small businesses are eagerly waiting to hear if heir loan applications have been approved, as lenders deal with the Payroll Protection Program to disburse funds.

As the Lord Leads, Pray with Us…

  • For the Senate to act swiftly and with focus on the Payroll Protection Program’s need for additional funding.
  • For Senators McConnell and Schumer to get their caucuses’ votes in alignment with securing a vote on Thursday.

Sources: Wall Street Journal, The Hill, CNBC


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