April 21, 2020

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  • New negotiations on Capitol Hill have been ongoing in an attempt to assist the small businesses that have yet to receive relief.
  • Early discussions included allocating more money for hospitals and state governments during this time of crisis.
  • $60 billion in loans and grants would go to a small business lending program.

More than 22 million people have lost their jobs within the last month and many businesses are struggling to stay open as the economy continues to get closer to an impending recession. Discussions have been surrounding a new small business loan on Capitol Hill that is expected to assist small businesses that have been affected by the economic fallout from the coronavirus. 

Last Thursday, the $349 billion emergency small business lending loan program ran dry and now new negotiations on Capitol Hill have been ongoing in an attempt to assist the small businesses that have yet to receive relief. 

Treasury Secretary Steven Mnuchin and Democrats are attempting to reach an agreement for a package that will immediately increase funding for the program to assist additional businesses. Early discussions included allocating more money for hospitals and state governments
during this time of crisis with $75 million being directed to hospitals and $25 billion for testing. 

The package continues to be finalized, lawmakers are discussing an increase of $310 billion for the Paycheck Protection Program, with $60 billion being reserved for smaller financial institutions to distribute while the other half would be for provisioned lenders with less than $10 billion in assets and for institutions and with assets between $10 billion and $50 billion. An additional $60 billion in loans and grants would go to a separate small business lending program.

We will continue to update you with new information as this story develops. 

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