Development comes amid surging demand for loans under rescue bill
Treasury Secretary Steven Mnuchin on Tuesday asked congressional leaders to swiftly commit an additional $250 billion to replenish the new $349 billion small-business coronavirus program that is being overwhelmed by surging demand.
President Trump said banks have processed $70 billion in taxpayer-backed loans for 250,000 small businesses since Friday, as companies seek emergency help to deal with the enormous business disruption caused by the pandemic.
He did not say, though, how many of those loans have been approved or how many firms have received any of the money. And his data suggests the program has reached a small fraction of U.S. companies: There are 30 million small businesses in the United States that employ 60 million people. Continue reading.