Senate Majority Leader Mitch McConnell, R-Ky., said Tuesday that he’ll work with Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer, D-N.Y., to approve more funding by Thursday for the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Mnuchin called for another $250 billion to be added to the original $349 billion in PPP funds, according to a tweet from the treasury secretary.
McConnell said that he’d seek a unanimous consent or voice vote during the next scheduled Senate session on Thursday.
“Congress needs to act with speed and total focus to provide more money for this uncontroversial bipartisan program,” McConnell said.
According to published reports, White House Economic Adviser Larry Kudlow said on Fox News on Tuesday morning that as of Monday evening, about 178,000 loans for $50 billion had been processed. That amount hasn’t been given to businesses yet but rather is the value of loans SBA has registered and guaranteed for lenders to complete the process and disburse funds.
Meanwhile, Politico reported Tuesday that President Donald Trump has “upended the panel of federal watchdogs overseeing implementation of the $2 trillion coronavirus law, tapping a replacement for the Pentagon official who was supposed to lead the effort.”