Mnuchin/Meadows send letter to Congress.
Sec of Treasury Mnuchin and WH Chief of Staff Meadows has sent a letter to Congress calling for the immediate passage of the coronavirus relief bill using leftover Payroll Protection Program funds to supplement the deal.
The second round of PPP for $310B was passed but not all the funds have been passed out. As of August some $130B was still available. One problem was businesses have been reluctant to apply for funds in fear that the loans may not be forgiven. The funds are intended for business to pay for workers salaries.
The Small Business Administration (SBA) along with the Treasury Department enacted new guidance on October 8, 2020, allowing borrowers with Paycheck Protection Program (PPP) loans of $50,000 or less to self-certify they used the money appropriately and receive complete forgiveness.
Other comments from the letter:
- Said they will continue to work with Democrats
- Tells Congress, Trump is available to meet on stimulus
- Ask for quick vote to reallocate unused PPP funds
- Would continue to work toward comprehensive coronavirus package even if smaller bill approved
- Comprehensive will would need to pass both House and Senate, it is not just about overall size of the package
The problems are the GOP Senators have turned cold to the idea of additional stimulus before the elections. The Dems want a comprehensive bill. The Mnuchin/Meadows plan is stuck in the middle somewhere between unwilling parties.
