WASHINGTON (AP) – The Trump administration and Congress are nearing an agreement as early as Sunday on an aid package of up to $450 billion to boost a small-business loan program that has run out of money and add funds for hospitals and COVID-19 testing.
Treasury Secretary Steven Mnuchin says he is hopeful of a deal later Sunday that could pass Congress quickly and get the program back up by midweek. The proposed deal would add roughly $300 billion for the government’s Paycheck Protection Program.
The program has been swamped by businesses applying for loans and reached its appropriations limit last Thursday, leaving thousands of small companies in limbo. An additional $50 billion would be appropriated for disaster loans.