Treasury Secretary Steven Mnuchin signaled that the White House and congressional leaders are “very close” to a deal on funding for the Paycheck Protection Program for small businesses.
Joining CNN’s State of the Union on Sunday, Mnuchin said he had spoken with Senate and House leadership over the weekend, sharing that they’re “making a lot of progress” and hope to reach an agreement later Sunday or early Monday.
“I’m hopeful that we can reach an agreement, that the Senate can pass this tomorrow, and that the House can take it up on Tuesday, and, Wednesday, we’d be back up and running. … I’m hopeful,” he said. “I think we’re very close to a deal today. And I’m hopeful that we can get that done.”
“I think we’re making a lot of progress,” Treasury Secretary Steve Mnuchin says about the next tranche of money set to be funneled into the Small Business Administration’s Paycheck Protection Program #CNNSOTU pic.twitter.com/qtui3jyCi2
— State of the Union (@CNNSotu) April 19, 2020
Senate Minority Leader Chuck Schumer echoed that sentiment, appearing on the show soon after the Treasury secretary’s interview, saying he’s “very hopeful we could come to an agreement tonight or early tomorrow morning.”
“You have got a lot of details, a lot of dotted I’s and crossed T’s. But I am — I am very, very hopeful,” Schumer said.
“I’m very hopeful we could come to an agreement tonight or early tomorrow morning,” Sen. Chuck Schumer says about talks with Treasury Secretary Steven Mnuchin to funnel more money into the Small Business Administration’s Paycheck Protection Program #CNNSOTU pic.twitter.com/3SjJscjA6x
— State of the Union (@CNNSotu) April 19, 2020
House Speaker Nancy Pelosi also told ABC’s This Week that Congress is “very close” to a deal.
The development comes after the initial $349 billion slated for small business relief during the coronavirus pandemic ran out, leaving hundreds of thousands of businesses without a lifeline as they try to survive. Replenishment has been held up so far by disagreements between Democrats and Republicans on structuring the program.
