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White House, Congress Near Economic Relief Deal for Small Businesses; Steven Mnuchin Quoted

1 min read
Steven Mnuchin
Steven Mnuchin

The White House and Congress are close to reaching an agreement on a potential $450 billion economic relief package that would provide additional funds for small businesses and expand COVID-19 testing efforts, The New York Times reported Sunday.

Treasury Secretary Steven Mnuchin described the package on CNN Sunday. He said the package would include $300 billion in additional funds for the Paycheck Protection Program; $50 billion for the Small Business Administration’s disaster relief fund; $75 billion for hospitals and $25 billion for coronavirus testing efforts.

Mnuchin said President Trump approved of the agreement and that he hoped the Senate could decide on the measure as soon as Monday and the lower chamber on Tuesday. He also stated in early April that he would ask Congress for additional funding for small business loans if the $350B Paycheck Protection Program runs out.

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