Trump seeks $250B more for small businesses

The Trump administsration is seeking an additional $250 billion to support a program designed to help small businesses and keep them from laying off workers in the midst of the coronavirus outbreak.

Speaking in the Roosevelt Room Tuesday with bank CEOs on teleconference, President Donald Trump said the government has already processed over 70 billion dollars in guaranteed loans for 250-thousand businesses just since last Friday, which he said "is far greater than we would have ever thought at this time."

The president said his administration is talking to Congress about "a very substantial increase" in that amount because he said " we'll be running out of money pretty quickly, which is a good thing in this case, not a bad thing."

Sitting next to Trump, Treasure Secretary Steven Mnuchin said he spoke with Senate Majority Leader Mitch McConnell as well as House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer to request the additional $250 billion.

In a tweet, McConnell said he would work with Mnuchin and Schumer with the goal of approving the additional money for the program, known as the Paycheck Protection Program, at the Senate's next scheduled session Thursday. McConnell said he would seek to win approval either by unanimous consent or by a voice vote.

The request would provide more funds for a $349 billion small business loan program that was created as part of the $2.2 trillion rescue program Congress passed last month.

The program supplies forgiveable loans to small businesses with 500 or fewer employees. It is being administered by the Small Business Administration and the Treasury Department.