Washington seeks $250 billion more in forgivable loans for small-scale US businesses


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Washington seeks $250 billion more in forgivable loans for small-scale US businesses

On Tuesday, the 7th of April 2020, the US President Donald Trump alongside his Administration had asked the US Congress to alott an additional $250 billion in emergency aid for a slew of small-scale businesses, which experts said had already been reeling from an upcoming recession before the lockdown process intervened and knocked down the nomenclature of small- and medium-scale US businesses, while the US Senate’s Majority Leader Republican Mitch McConnell Jr., 78, of Kentucky, had sought passage as soon as by Thursday (April 9th).

On top of that, in a tweeter post, the US Treasury’s Steven Mnuchin was quoted saying on Tuesday (April 7th) that he had been in talks with the Congressional leaders over the second round of funding for the reeling US small-scale businesses, while if the second round of emergency bill pushed by the Trump Administration is approved in the US Congress, it would be added to the $349 billion in forgivable loans for small businesses enacted on March 27th under the magnanimous $2.3 trillion economic aid package to ease the financial pressures of the pandemic.

Meanwhile, adding a silver lining for the US small-scale businesses amid partial lockdowns in most of the US states, shortly before the tweet of Steven Mnuchin, the US Senate’s Majority Leader McConnel said in a statement earlier on Tuesday (April 7th), “It is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry.