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U.S. Administration Seeks Additional $250 Billion in Aid for Small Enterprises

The U.S. administration Tuesday asked Congress for an additional $250 billion in emergency economic support for small U.S. enterprises suffering from the coronavirus crisis, as Senate Majority Chief Mitch McConnell pushed for passage as soon as Thursday.

U.S. Administration Seeks Additional $250 Billion in Aid for Small Enterprises

In a Twitter post, Treasury Secretary Steven Mnuchin stated he had consulted with congressional leaders on the need for the second round of funding.

If accredited by Congress, the support would add to the $349 billion in forgivable loans to small businesses enacted on March 27 as a part of a $2.3 trillion financial stimulus in response to the virus epidemic.

He further said that he would work with Mnuchin and Senate Democratic Chief Chuck Schumer on the initiative with the goal of winning Senate approval on Thursday.

It was not immediately clear whether the highest two Democrats in Congress, Schumer, and House of Representatives Speaker Nancy Pelosi, would include this timetable as they have been pushing for a broader set of steps that would comprise a fourth coronavirus-response bill since early March.

Quick Senate action would ring the alarm over the disaster for small enterprises that have been shut due to the coronavirus pandemic.

McConnell’s support also flagged a change in attitude. He notified in an April 1 interview that Pelosi should not undertake a “premature” fourth stimulus bill associated with the pandemic.

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