Treasury Secretary Steven Mnuchin assured small business owners in a CNBC interview this morning (April 8, 2020) that they will get the funding promised to them when the CARES Act (Coronavirus Aid, Relief and Economic Security Act) was passed and signed into law on March 27, 2020.
“We want to assure everybody if you don’t get a loan this week, you’ll get a loan next week or the following week. The money will be there,” Secretary Mnuchin said on CNBC.
Almost $350 billion of the stimulus package was set aside for small businesses through the Paycheck Protection Program (PPP).
In his CNBC appearance, Secretary Mnuchin said, “I want to assure all small businesses out there: We will not run out of money. The president has asked us to go back to Congress. We hope they pass this tomorrow or Friday.” He had announced on Tuesday that President Trump had directed him to speak with Congressional leaders to bolster PPP funds, and they are now seeking an additional $250 billion for the program in order to support small businesses and prevent workers being laid off. He reassured small businesses that they would not be left out.
Senate Majority Leader Mitch McConnell said on Tuesday that he will work with Secretary Mnuchin and Senate Democratic Leader Chuck Schumer to win approval for the additional money at the Senate’s next session, scheduled for Thursday, April 9, 2020.
More on what the loans provide to small businesses can be found here.
Smith & Howard is following this and all COVID-19 matters closely and will continue to bring you timely information.