Washington Seeking to Boost Aid to Small Business

The Trump administration has taken its lumps for its apparent slowness in pushing federal aid to small businesses throughout the United States But Treasury Secretary Steven Mnuchin said Tuesday that, at the direction of the president, he has spoken with congressional leaders to secure an additional $250 billion for the small business loan program as the coronavirus outbreak hammers the economy.

Mnuchin 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.

McConnell said earlier Tuesday he hopes to approve further funding Thursday to prop up small firms devastated by the coronavirus pandemic.

Congress late last month 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 coronavirus pandemic. The program is aimed at helping small businesses that provide the engine of employment and entrepreneurship in the U.S. economy.