Saturday, President Trump said he would ask Congress for more aid/relief money to support small businesses if the funds allocated under the $2.2-T coronavirus stimulus package runs short.
President Trump Tweeted Saturday:
“I will immediately ask Congress for more money to support small businesses under the #PPPloan if the allocated money runs out. So far, way ahead of schedule. @BankofAmerica & community banks are rocking!“
Congress passed a $349-B loan program for small businesses as part of a sweeping economic response to the coronavirus crisis, but lenders and business owners have criticized delays and inconsistent guidelines from the Treasury Department and the SBA since the program’s rollout Friday.
“The guidance was released hours before this program is set to begin and there are still a number of unanswered questions which will very likely complicate quick fulfillment of these critical loans,” said the President/CEO of the Credit Union National Association, a trade group for credit unions.
Saturday, SBA chief Jovita Carranze announced the agency had processed 17,503 loans valued at more than $5,400,000,000. Loans up to $10-M are available to some 30-M small businesses across America.
More than 10-M Americans are now out of work as 41 states have issued stay-at-home orders and shuttered non-essential businesses to stem the spread of the coronavirus.
Have a healthy weekend, stay at home!