“I want to assure all small businesses out there: We will not run out of money,” Treasury Sec. Mnuchin says, after announcing yesterday he is seeking an additional $250 billion in small business aid.
Still, the initial rollout of the ambitious program faced challenges as banks hurried to prepare themselves to assist with the efforts. In the run-up to the program's launch this past Friday, banks and trade groups pushed for more clarity around the program and sought to manage expectations about how quickly they could dole out the funds.
Still, some banks viewed the announcement of more funds positively, believing it would reassure small business owners that the system would have enough money to cash their checks, even as it works through the technical issues, that person said.A spokesperson for Sen. Chuck Schumer said in a statement to CNBC, "Senator Schumer has not heard from Senator McConnell, and [the small business committee's ranking member] Senator Ben Cardin D-Md has not heard from Senator Rubio.
Despite concerns about the existing program, Congress and the administration are under pressure to offer relief quickly. Administration officials and lawmakers have acknowledged the loan program may not be enough. Mnuchin has told CNBC he would ask Congress for more money if more is needed. The Senate, meantime, had not been expected to be back in session before April 20. McConnell said Tuesday that a session was scheduled for Thursday.
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