White House and Congress Reach Deal to Fund Small Business Loans

The White House and Congress have reached a deal to inject more funding into the small business loan program.

According to The Hill:

The White House and Congress have reached a deal on a new funding package that will replenish a lending program meant to aid small businesses impacted by the novel coronavirus outbreak, two administration sources confirmed on Tuesday.

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Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows struck an agreement on the core components of the deal with Senate Democratic Leader Charles Schumer (N.Y.) and Speaker Nancy Pelosi (D-Calif.) early Tuesday morning.

Schumer announced the deal during an interview on CNN shortly after 8 a.m. Tuesday and White House officials confirmed after 1 p.m.

Final details of the package are forthcoming but it is expected to total more than $450 billion and provide roughly $300 billion for the Small Business Administration’s popular Paycheck Protection Program (PPP), and $50 billion for the Economic Injury Disaster Loan program.

The President hinted that after this is done he will begin to discuss the funding of infrastructure and relief to state and local governments.

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