White House, Democrats Zooming In On Business Aid Deal – Treasury Secretary

By Staff, Agencies

The White House and the Democratic Party are nearing an accord on expanding the aid to US businesses hit by the COVID-19 coronavirus crisis, Treasury Secretary Steven Mnuchin told the CNN Sunday.

Mnuchin said he was hopeful an agreement could be reached either later on in the day or on Monday, adding that the $450 billion relief package would focus on the fund set up to encourage businesses to keep employees on payroll.

Known as the Paycheck Protection Program, the fund would receive an infusion of $300 billion as it starts to run out, with another $50 billion heading to the disaster relief fund run by the Small Business Administration.

The remaining $100 billion will be split between hospitals, which will receive three-fourths of that sum, and COVID-19 testing.

Mnuchin's optimism was shared by Vice President Mike Pence, who told Fox News that an agreement was "very close," and by Democratic leaders in House and Senate.

The Paycheck Protection Program was part of a massive $2.2 trillion stimulus bill passed late last month to spare the world's largest economy the worst effects of the pandemic.