Additional $250 Billion Sought for Paycheck Protection Program

Congressional leaders are looking to allocate up to $250 billion more for the Small Business Administration’s Paycheck Protection Program this week, according to the American Bankers Association.

Senate Majority Leader Mitch McConnell said he hopes to see more funding provided as soon as Thursday, using parliamentary procedures allowing the Senate to pass uncontroversial legislation. The program, which began taking applications last Friday, processed more than $70 billion in the first two days. Treasury Secretary Steven Mnuchin also said an additional $250 billion would boost the Paycheck Protection Program efforts to help small businesses.

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