https://thehill.com/homenews/administration/493910-white-house-congress-reach-deal-to-replenish-small-business-loan
The White House and Congress have reached a deal on a new funding package that will replenish a lending program meant to aid small businesses impacted by the novel coronavirus outbreak, two administration officials confirmed on Tuesday.
Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows struck an agreement on the core components of the deal with Senate Democratic Leader Charles Schumer (N.Y.) and Speaker Nancy Pelosi (D-Calif.) early Tuesday morning.
Schumer announced the deal during an interview on CNN shortly after 8 a.m. Tuesday and White House officials confirmed after 1 p.m.
Final details of the package are forthcoming but it is expected to total more than $450 billion and provide roughly $300 billion for the Small Business Administration’s popular Paycheck Protection Program (PPP), and $50 billion for the Economic Injury Disaster Loan program, $25 billion for testing and $75 billion for hospitals.
Schumer announced that $125 billion of the money for PPP will be set aside for “under-banked” small businesses that don’t have strong relationships with local banks, such as small restaurants and hair salons.