President Donald Trump said he would ask Congress for more relief money to support small businesses if the funds allocated under the $2.2 trillion coronavirus stimulus package run out.
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 billion 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 Small Business Administration 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 Jim Nussle, president and CEO of the Credit Union National Association, a trade group for credit unions, per The Hill.
Still, SBA chief Jovita Carranze on Saturday announced the agency had processed 17,503 loans valued at more than $5,400,000,000. Loans up to $10 million are available to some 30 million small businesses across America.
More than 10 million Americans are out of work as 30-plus states have issued stay-at-home orders and shuttered non-essential businesses to stem the spread of the virus.
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