Trump wants additional Paycheck Protection Program funding
President Trump wants Congress to increase funding for the Paycheck Protection Program. The initial 349 billion dollars set aside last week for the COVID-19 relief program isn’t expected to last long.
Trump talked to reporters Tuesday afternoon. He said, “Based on the incredible success of the program, I’m announcing that I’ll be asking Congress to provide an additional 250-billion dollars for the Paycheck Protection (Program) which will help keep Americans employed to facilitate a quick and full recovery.”
Farmers are eligible for the Paycheck Protection Program, allowing them to use 75% of the money for paying employees and up to 25% for utilities, rent, and mortgage payments. Economists including Joy Kirkpatrick at the University of Wisconsin have been urging farmers to contact their banks immediately to participate.
Treasury Secretary Steven Mnuchin says the response has been incredible with more than three thousand banks participating since Friday. President Trump says the PPP loan program has already processed over $70 billion in guaranteed loans.
Mnuchin said he spoke to Senators Mitch McConnell and Chuck Schumer, and Speaker Nancy Pelosi and Minority Leader Kevin McCarthy Tuesday about additional funding for the PPP program.
They told the Administration they might vote for the additional funds Friday.
During a video conference call, the CEOs of Grand Rapids State Bank in Minnesota and Community Spirit Bank of Alabama and Mississippi said that one-third of community banks are not able to administer Paycheck Protection Programs loans now. Mnuchin said all banks are getting authenticated and the Treasury will get every bank approved.
This story originally appeared on the Voice of Muscatine. Read More local stories here.